DMACC Inferential Statistical Methods Discussion

For this first one, please remember to use the (Royal Bank of Canada) RBC company which you used for last completed task.

Inferential Statistical Methods Using Excel

Discussion Resources

The following resources will help you complete this discussion and may be useful in completing your third assignment.

• Lind, D. A., Marchal, W. G., & Wathen, S. A. (2022). Basic statistics in business and economics (10th ed.). McGraw-Hill.
  • Chapter 5, “A Survey of Probability Concepts.”
    • Review this chapter as needed.
  • Chapter 8, “Sampling, Sampling Methods, and the Central Limit Theorem.”
    • Sampling a population gives us information to make judgments and inferences about the population. This chapter discusses methods of selecting a sample from a population and how to think about the distribution of the sample.
• Thomas, R., & McSharry, P. (2015). Big data revolution: What farmers, doctors, and insurance agents can teach us about patterns in big data. Wiley.
  • Chapter 7, “Government and Society.”
  • Chapter 8, “Corporate Sustainability.”

Instructions

Using the work you did for your last assignment, write two to three sentences introducing the company whose stock you downloaded. Then explain the process by which you created each required graph. It is acceptable to reuse the text from your assignment for this discussion.

Limitations of Inferences

Discussion Resources

The following resources are recommended reading to prepare for the discussion and may help you with your third assignment.

• Lind, D. A., Marchal, W. G., & Wathen, S. A. (2022). Basic statistics in business and economics (10th ed.). McGraw-Hill.
  • Chapter 9, “Estimation and Confidence Intervals.”
    • This chapter will help you think about different aspects of sampling, such as estimating a population value and the range of values, or the confidence interval.
• Thomas, R., & McSharry, P. (2015). Big data revolution: What farmers, doctors, and insurance agents can teach us about patterns in big data. Wiley.
  • Chapter 9, “Weather and Energy.”

Instructions

For your stock analysis, you are using sample data from a period of time.

• What are some limitations of the conclusions you can draw from that sample?
• Can you infer exactly the average stock price for all time from your sample?
  • Why or why not? Hint: Use the idea of confidence intervals that you have been reading about.

  Essential Elements

  Discussion Resources

  The following resources will help you complete this discussion and may be useful in completing your third assignment.

  • Hewitt, F. (2015). Storytelling: The heart of leadership. New Zealand Management, 62(1), 26–27.
    • This article is a brief account of the importance of using personal connections to make data accessible in presentations.
  • Nussbaumer Knaflic, C. (2015). Storytelling with data: A data visualization guide for business professionals. Wiley.
    • Chapter 1, “The Importance of Context.”
      • The components of context are who, what, and how. This chapter offers strategies for interpreting context so you can communicate visually with data.
  • Stikeleather, J. (2013, Apr 24). How to tell a story with data [Blog post]. https://hbr.org/2013/04/how-to-tell-a-story-with-d…
    • This short post highlights five steps to tell a good story with data from the journalistic perspective, including a helpful categorization of the different types of audiences that you may be addressing with your data visualization.
  • Watson, H. J. (2017). Data visualization, data interpreters, and storytelling. Business Intelligence Journal, 22(1), 5–10.
    • This cautionary reading gives specific examples of what not to do when creating an executive presentation with data visualizations.

  Instructions

  Use the discussion resources and your own research on the Internet to complete the following:

  • Identify the elements or sections that are essential to include in a detailed analytics report.
  • Explain why these elements or sections are essential and support your explanations with references from the resources and your own research.
  • Describe any best practices you found in your research that you think are necessary or helpful for this type of report.