1. What characterizes 'good business research'. Emphasis is on good.
2. What is the relationship between deductive and inductive arguments (reasoning)? Are both types of arguments (reasoning) valuable in research? Explain. Provide examples of each type of argument, illustrating the benefits of their usage.
3. How would you apply probability concepts, such as confidence intervals and point estimation principles, to make sound business decisions where there are conditions of uncertainty (risk). Pick a specific example from your own area of business experience.
4. Apply concepts of probability to business decisions
What are the most important concepts you have learned from apply concepts of probability to business decisions?
What would you recommend to your management/leadership based apply concepts of probability to business decisions?
How will apply concepts of probability to business decision impact you personally and professionally?
What is the value-added apply concepts of probability to business decisions or what difference can these concepts make to your organization? (e.g., financial savings, productivity improvements, expanded marketing activities).
1. What characterizes good business research? Emphasis is on good.
What characterizes good business research is a number of factors. For example, one has to consider ethics and professionalism when conducting any kind of study. This is because the participants could easily choose to question the researcher on why they are doing a specific study on them. People are known to question authority, especially if they do not understand the situation and why it is taking place, which is why it is of high importance to conduct oneself in a professional manner. Through this behavior, individuals will notice that he or she is using high ethics as well. Ethics is a means in which to make sure that morals accompany behavior. When one acts ethically, he or she does not cross boundaries when conducting business. By maintaining these standards, one is able to see that their behavior is positively influencing others in such a way that he or she is able to know that they are making a difference in society today. All of these are what makes up good business research because one is taking the necessary actions to follow through consistently and within reason, so that people do not interfere with the research that takes place by means of not having any kind of issues that could arise.
2. What is the relationship between deductive and inductive arguments (reasoning)? Are both types of arguments (reasoning) valuable in research? Explain. Provide examples of each type of argument, illustrating the benefits of their ...
This solution discussed good business research, inductive and deductive arguments as well as probability.
Sufficiency and Order Statistics
Let Y1<Y2<...<Yn be the order statistics of a random sample of size n from the uniform distribution over the closed interval [-theta, theta ]
having pdf f(x; theta ) = (1/2(theta))I[-theta , theta ](x).
Argue that the mle of theta; equals theta;hat= max(-Y1, Yn).
Demonstrate that the mle theta;hat is a sufficient statistic for theta;.
Define at least two ancillary statistics for this distribution
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