Statistics for Making Decisions

Statistics for Making Decisions
Author: Nicholas T. Longford
Publisher: CRC Press
Total Pages: 273
Release: 2021-03-30
Genre: Mathematics
ISBN: 1000347605

Making decisions is a ubiquitous mental activity in our private and professional or public lives. It entails choosing one course of action from an available shortlist of options. Statistics for Making Decisions places decision making at the centre of statistical inference, proposing its theory as a new paradigm for statistical practice. The analysis in this paradigm is earnest about prior information and the consequences of the various kinds of errors that may be committed. Its conclusion is a course of action tailored to the perspective of the specific client or sponsor of the analysis. The author’s intention is a wholesale replacement of hypothesis testing, indicting it with the argument that it has no means of incorporating the consequences of errors which self-evidently matter to the client. The volume appeals to the analyst who deals with the simplest statistical problems of comparing two samples (which one has a greater mean or variance), or deciding whether a parameter is positive or negative. It combines highlighting the deficiencies of hypothesis testing with promoting a principled solution based on the idea of a currency for error, of which we want to spend as little as possible. This is implemented by selecting the option for which the expected loss is smallest (the Bayes rule). The price to pay is the need for a more detailed description of the options, and eliciting and quantifying the consequences (ramifications) of the errors. This is what our clients do informally and often inexpertly after receiving outputs of the analysis in an established format, such as the verdict of a hypothesis test or an estimate and its standard error. As a scientific discipline and profession, statistics has a potential to do this much better and deliver to the client a more complete and more relevant product. Nicholas T. Longford is a senior statistician at Imperial College, London, specialising in statistical methods for neonatal medicine. His interests include causal analysis of observational studies, decision theory, and the contest of modelling and design in data analysis. His longer-term appointments in the past include Educational Testing Service, Princeton, NJ, USA, de Montfort University, Leicester, England, and directorship of SNTL, a statistics research and consulting company. He is the author of over 100 journal articles and six other monographs on a variety of topics in applied statistics.

Statistics for Making Decisions

Statistics for Making Decisions
Author: Nicholas T. Longford
Publisher: CRC Press
Total Pages: 309
Release: 2021-03-29
Genre: Mathematics
ISBN: 1000347583

A constructive response to the criticisms of using hypothesis testing for making decisions Integrating the context (the client’s perspective, value judgments, priorities and remits) in the analysis, combining it with sensitivity analysis that handles the uncertainty arising in elicitation of the context Treatment of the problems by elementary (analytical) methods Applications that illustrate the methods in their best light • Drawing on several publications in high-profile journals in applied statistics

Translating Statistics to Make Decisions

Translating Statistics to Make Decisions
Author: Victoria Cox
Publisher: Apress
Total Pages: 334
Release: 2017-03-10
Genre: Business & Economics
ISBN: 1484222563

Examine and solve the common misconceptions and fallacies that non-statisticians bring to their interpretation of statistical results. Explore the many pitfalls that non-statisticians—and also statisticians who present statistical reports to non-statisticians—must avoid if statistical results are to be correctly used for evidence-based business decision making. Victoria Cox, senior statistician at the United Kingdom’s Defence Science and Technology Laboratory (Dstl), distills the lessons of her long experience presenting the actionable results of complex statistical studies to users of widely varying statistical sophistication across many disciplines: from scientists, engineers, analysts, and information technologists to executives, military personnel, project managers, and officials across UK government departments, industry, academia, and international partners. The author shows how faulty statistical reasoning often undermines the utility of statistical results even among those with advanced technical training. Translating Statistics teaches statistically naive readers enough about statistical questions, methods, models, assumptions, and statements that they will be able to extract the practical message from statistical reports and better constrain what conclusions cannot be made from the results. To non-statisticians with some statistical training, this book offers brush-ups, reminders, and tips for the proper use of statistics and solutions to common errors. To fellow statisticians, the author demonstrates how to present statistical output to non-statisticians to ensure that the statistical results are correctly understood and properly applied to real-world tasks and decisions. The book avoids algebra and proofs, but it does supply code written in R for those readers who are motivated to work out examples. Pointing along the way to instructive examples of statistics gone awry, Translating Statistics walks readers through the typical course of a statistical study, progressing from the experimental design stage through the data collection process, exploratory data analysis, descriptive statistics, uncertainty, hypothesis testing, statistical modelling and multivariate methods, to graphs suitable for final presentation. The steady focus throughout the book is on how to turn the mathematical artefacts and specialist jargon that are second nature to statisticians into plain English for corporate customers and stakeholders. The final chapter neatly summarizes the book’s lessons and insights for accurately communicating statistical reports to the non-statisticians who commission and act on them. What You'll Learn Recognize and avoid common errors and misconceptions that cause statistical studies to be misinterpreted and misused by non-statisticians in organizational settings Gain a practical understanding of the methods, processes, capabilities, and caveats of statistical studies to improve the application of statistical data to business decisions See how to code statistical solutions in R Who This Book Is For Non-statisticians—including both those with and without an introductory statistics course under their belts—who consume statistical reports in organizational settings, and statisticians who seek guidance for reporting statistical studies to non-statisticians in ways that will be accurately understood and will inform sound business and technical decisions

Using Statistics to Make Educational Decisions

Using Statistics to Make Educational Decisions
Author: David Tanner
Publisher: SAGE
Total Pages: 553
Release: 2012
Genre: Education
ISBN: 1412969778

Government scrutiny and intensified oversight have dramatically changed the landscape of education in recent years. Observers want to know how schools compare, which district is best, which states are spending the most per student on education, whether reforms are making a difference, and why so many students are failing. Some of these questions require technical answers that educators historically redirected to outside experts, but the questions leveled at all educators have become so acute and persistent that they can no longer be outsourced. This text helps educators develop the tools and the conceptual understanding needed to provide definitive answers to difficult statistical questions facing education today.

Statistical Decision Theory and Bayesian Analysis

Statistical Decision Theory and Bayesian Analysis
Author: James O. Berger
Publisher: Springer Science & Business Media
Total Pages: 633
Release: 2013-03-14
Genre: Mathematics
ISBN: 147574286X

In this new edition the author has added substantial material on Bayesian analysis, including lengthy new sections on such important topics as empirical and hierarchical Bayes analysis, Bayesian calculation, Bayesian communication, and group decision making. With these changes, the book can be used as a self-contained introduction to Bayesian analysis. In addition, much of the decision-theoretic portion of the text was updated, including new sections covering such modern topics as minimax multivariate (Stein) estimation.

Learning Statistics with R

Learning Statistics with R
Author: Daniel Navarro
Publisher: Lulu.com
Total Pages: 617
Release: 2013-01-13
Genre: Computers
ISBN: 1326189727

"Learning Statistics with R" covers the contents of an introductory statistics class, as typically taught to undergraduate psychology students, focusing on the use of the R statistical software and adopting a light, conversational style throughout. The book discusses how to get started in R, and gives an introduction to data manipulation and writing scripts. From a statistical perspective, the book discusses descriptive statistics and graphing first, followed by chapters on probability theory, sampling and estimation, and null hypothesis testing. After introducing the theory, the book covers the analysis of contingency tables, t-tests, ANOVAs and regression. Bayesian statistics are covered at the end of the book. For more information (and the opportunity to check the book out before you buy!) visit http://ua.edu.au/ccs/teaching/lsr or http://learningstatisticswithr.com

Data Science for Business and Decision Making

Data Science for Business and Decision Making
Author: Luiz Paulo Favero
Publisher: Academic Press
Total Pages: 1246
Release: 2019-04-11
Genre: Business & Economics
ISBN: 0128112174

Data Science for Business and Decision Making covers both statistics and operations research while most competing textbooks focus on one or the other. As a result, the book more clearly defines the principles of business analytics for those who want to apply quantitative methods in their work. Its emphasis reflects the importance of regression, optimization and simulation for practitioners of business analytics. Each chapter uses a didactic format that is followed by exercises and answers. Freely-accessible datasets enable students and professionals to work with Excel, Stata Statistical Software®, and IBM SPSS Statistics Software®. - Combines statistics and operations research modeling to teach the principles of business analytics - Written for students who want to apply statistics, optimization and multivariate modeling to gain competitive advantages in business - Shows how powerful software packages, such as SPSS and Stata, can create graphical and numerical outputs

Business Statistics for Contemporary Decision Making

Business Statistics for Contemporary Decision Making
Author: Ignacio Castillo
Publisher: John Wiley & Sons
Total Pages: 850
Release: 2023-05-08
Genre:
ISBN: 1119983223

Show students why business statistics is an increasingly important business skill through a student-friendly pedagogy. In this fourth Canadian edition of Business Statistics For Contemporary Decision Making authors Ken Black, Tiffany Bayley, and Ignacio Castillo uses current real-world data to equip students with the business analytics techniques and quantitative decision-making skills required to make smart decisions in today's workplace.

Statistical Decision Theory

Statistical Decision Theory
Author: James Berger
Publisher: Springer Science & Business Media
Total Pages: 440
Release: 2013-04-17
Genre: Mathematics
ISBN: 147571727X

Decision theory is generally taught in one of two very different ways. When of opti taught by theoretical statisticians, it tends to be presented as a set of mathematical techniques mality principles, together with a collection of various statistical procedures. When useful in establishing the optimality taught by applied decision theorists, it is usually a course in Bayesian analysis, showing how this one decision principle can be applied in various practical situations. The original goal I had in writing this book was to find some middle ground. I wanted a book which discussed the more theoretical ideas and techniques of decision theory, but in a manner that was constantly oriented towards solving statistical problems. In particular, it seemed crucial to include a discussion of when and why the various decision prin ciples should be used, and indeed why decision theory is needed at all. This original goal seemed indicated by my philosophical position at the time, which can best be described as basically neutral. I felt that no one approach to decision theory (or statistics) was clearly superior to the others, and so planned a rather low key and impartial presentation of the competing ideas. In the course of writing the book, however, I turned into a rabid Bayesian. There was no single cause for this conversion; just a gradual realization that things seemed to ultimately make sense only when looked at from the Bayesian viewpoint.

How to Lie with Statistics

How to Lie with Statistics
Author: Darrell Huff
Publisher: W. W. Norton & Company
Total Pages: 144
Release: 2010-12-07
Genre: Mathematics
ISBN: 0393070875

If you want to outsmart a crook, learn his tricks—Darrell Huff explains exactly how in the classic How to Lie with Statistics. From distorted graphs and biased samples to misleading averages, there are countless statistical dodges that lend cover to anyone with an ax to grind or a product to sell. With abundant examples and illustrations, Darrell Huff’s lively and engaging primer clarifies the basic principles of statistics and explains how they’re used to present information in honest and not-so-honest ways. Now even more indispensable in our data-driven world than it was when first published, How to Lie with Statistics is the book that generations of readers have relied on to keep from being fooled.