The Modeling Process [WLOs: 1, 2, 4, 5] [CLOs: 1, 2]
Prior to beginning work on this discussion forum, read Chapter 1: Introduction to Business Analytics.
People live in a data-driven world. In personal lives, people are surrounded by websites offering weather or airfare predictions, and in professional lives, people deal with revenue projections and metrics analysis. Data analysis is mostly driven by the desire to solve a problem or problems.
In your initial post,
- Share a real-life problem when you have applied (or would like to apply) the Seven-Step Modeling Process Download Seven-Step Modeling Process.
- Is this problem structured, semi-structured, or unstructured?
- Explain your decision-making process.
Guided Response: Review several of your classmates’ posts, and provide answers, constructive analysis, or suggestions for at least two of your classmate’s questions by Day 7. Do you agree with your classmates’ decision-making process? Explain why or why not. If your decision-making process would have been different, describe what you would have done differently to solve the problem.
In your responses, make sure that you are not only discussing your experience or views on the subject, but you are also making strong and precise connections to the current course content. Post at least one question, a solution or interpretation of the material, or an example from a real-life application relevant to the discussion.
This discussion forum is a place to collaborate so everyone can gain applicable knowledge of the material. You are encouraged to post your required replies early during the week to promote more meaningful and interactive discourse in this discussion. Remember to cite and reference your sources of information. See the APA: Formatting Your References List (Links to an external site.) and APA: Citing Within Your Paper (Links to an external site.) resources in the Writing Center for more details.
Relationships Among Numeric Variables: Analyzing a Scatterplot [WLOs: 1, 2, 4, 5] [CLOs: 1, 2]
Prior to beginning work on this discussion forum, read Chapter 2: Describing the Distribution of a Variable and Chapter 3: Finding Relationships Among Variables, focusing particularly on Sections 3-4a and 3-4b of the chapter. This section introduces you to a summary measure called a scatter plot. Also, review Problem 23 in Chapter 3.
After reviewing Section 3-4 in your textbook, reflect on the methods and examples provided for finding relationships among numeric variables.
In the first part of your initial post,
- Define a scatterplot and its purpose, how trendlines are used in a scatterplot, and why it is important to understand correlation and covariance in 50 words or less.
- Explain if your organization or an organization where you have worked has used a scatterplot and what outcomes were achieved in 25 words or less.
Next, look at Problem 23 in the course text. It provides a scenario based on midterm and final exam scores for 96 students in a corporate finance course. Please view this data and scatter plot.
In the second part of your initial post, using Problem 23, answer the following questions:
- Do the student’s scores for the two exams tend to go together, so that those who do poorly on the midterm tend to do poorly on the final, and those who do well on the midterm tend to do well on the final?
- After reviewing the scatterplot, what interpretations can you make about the linear relationship? What predictions can you make from the scatterplot? Finally, do you consider this a valuable tool to help organizations see trends and make future forecasts and predictions?
Your initial post must be substantive (at least 200 words) and answer all the directives and questions.