Implementing Scientific Decision Making

Implementing Scientific Decision Making

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Summary statistics are one way to forecast uncertain outcomes, and the statistical results can be used to make decisions or guide strategy. Since summary statistics are based on a data sample, they typically inform intuitive decision-making. That is, the model requires interpretation which relies on the business intuition of the person using it. Formulate a question as a null and alternate hypothesis Calculate a test statistic from sample data Identify the statistical test most appropriate for testing your hypothesis Determine the likelihood of finding a result at least as extreme as the test statistic assuming the null hypothesis You'll learn how to examine sample data scientifically to limit any generalizations to only the patterns that have the strongest statistical support. As always, intuition and business knowledge play an important role in the process, but this course will prepare you to apply a level of scientific rigor that will lead to better results. The course Understanding and Visualizing Data is required to be completed prior to starting this course.