Assignment:
Forum Post #1 (Statistics)
A hypothesis test is a claim about a population parameter. We use them the help assess the likelihood of the claim possibility or to "test" the claims. We cannot just make our decisions by the sample values because if we take multiple samples, the values can change. There is a null hypothesis and an alternative hypothesis. The null hypothesis will always have equality, for example ≤, =, ≥. An alternative hypothesis will always have inequality, for example <, ≠, >. The null symbol is "Ho" and the alternative is "Ha". There are four steps in hypothesis testing. 1- Stating the hypothesis. 2-formulate an analysis plan. 3-Analyze sample data. 4-Interpreting results.
Forum Post #2 (Statistics)
What is a hypothesis test?
Hypothesis tests in statistics evaluates two equally exclusive statements about a population to determine which statement is the best based on the data (Frost, 2015).
Why do we need to use them to make decisions about relating sample results to the population; why can't we just make our decisions by the sample value?
The null hypothesis is the hypothesis of no difference and indicates that the mean of the population has the same value as the mean of the population that it is compared too. The alternate hypothesis indicates that the sample doesn't represent the population that it was compared to because it is a characteristic of some other population (Tanner, 2013).
Frost, J. (2015, March). Understanding Hypothesis Tests: Why We Need to Use Hypothesis Tests in Statistics. Retrieved March 8, 2016, from The MiniTab Blog: https://blog.minitab.com/blog/adventures-in-statistics/understanding-hypothesis-tests%3A-why-we-need-to-use-hypothesis-tests-in-statistics
Tanner, D. E.-M. (2013). Statistics for managers.
Forum Post #3 (Statistics)
We create a spreadsheet to determine how many conferences we have scheduled and how many clients will actually be dialing in for the call. For example, a company schedules a call and expects 500 people to dial in. We have to run a report that allows us to see how many lines we have scheduled to come in for that time frame on that day. If the report is not up to date and accurate then it could be customer effecting, We also complete a report called the Large Call email which includes all the large calls that are scheduled for the next day so that we are able to determine if we can handle the capacity or if we need to schedule additional assistance. I think these are important to our department because if we didn't have them then we might not have enough lines to cover the calls that we have scheduled.
Forum Post #4 (Statistics)
think that this is a perfect question for all aspects of life. You have to consider variation. Few things are going to be the exactly same price every single time. I particularly really enjoy this question because we use the mean calculations day to day in our business and personal life. We base our measurements from the previous years balance sheets in which we keep in our quickbook program, as well as some different excel spreadsheets. In doing so we can accurately determine what our upcoming expenses are going to be close to month after month.
For example in our personal life,
Winter is just around the corner and we can accurately determine that our utility bill is going to be increased by 35% due to our heating bill.
In our business,
February is here tax season is approaching. We understand that we have to budget in our to make all of our expenses line up.
We take an average on nearly everything that we do. Of course there may be some instances that come up which you have no control over, but control what you can and have a contingency plan for backup!
Forum Post #5 (Microeconomics)
The Ethics of Big Data is an interesting article, which 10 -15 years ago this data wasn't readily available for corporate America. The principle of microeconomic being used is gathering and analyzing consumer data for the marketing of goods and services, as the individual markets interact with producers and consumers. The impact for demand is the data that is being collected through the digital world. The consumer's browsing and spending or just looking at the same item on different site.
The least and most benefits that big data market structure:
Big data will benefits the most with Prefect competition the text states that there are many sellers and buyers, firms produce a homogenous product, and there is free entry into and exit out of he industry (Amacher & Pate 2013). The online interacting with producers and consumers is on of the largest market structures and big data can reach out with the homogenous product all over the world and hit or miss individuals consumers. Monopoly is the least benefits of big data in the market structure. All market structure like to maximize profits, but monopoly tends to expand profit by taking the consumer surplus from the consumers.
The potential concerns for consumers that arise with the proliferation of big data are the 5 "W" (who, what, when, where and why).
Who are the targets and who will be collecting the data?
What data is will be collected.
When the data will be collected.
Where will the data be stored and is it secured.
Why the data is collected.
The consumers concern is valid, because the information that is collected involves the lively hood of an individual and the data can be link to credit cards, bank account and even get in the wrong hands. Today almost any time you inquire about product, it ask you for certain information that get stored and/or distributed and that is the scary, because you are a potential victim for scams.
Amacher, R., & Pate, J. (2013). Microeconomics Principles and Policies. San Diego, CA: Bridgepoint Education, Inc.
Forum Post #6 (Microeconomics)
Describe the microeconomic principles being used, in other words what is the impact for demand?
"Microeconomics focuses on the choices made by individuals and businesses." (Amacher, R. & Pate, J. 2013) This article is based on the microeconomic principle for the demand for data by companies. Companies use the information to enable them to serve their customers better. They know what their customers demand.
List the different types of market structures that big data benefits the least and benefits the most.
This benefits the short run in a business the most. When a company is collecting data they are always looking for a way to change to market to different groups of customers. The long run in a business would benefit the least. The long run is things such as the building or location of the business. This is not changed because of the clientele. The building was decided at the time the business came into existence.
While data collection may benefit the business community, discuss the potential concerns for consumers that arise with the proliferation of big data.
Customers become concerned because they do not fully understand why the business wants to know the information they track. With the customer service reward cards, businesses are tracking what the people are purchasing at different times of the day, month or year. By knowing what they are buying at certain times, they can have their stores stocked with the products that the customers demand at that time.
Customers feel that "Big Brother is watching." They feel that the business is watching them specifically. They do not trust the companies not to sell their information. They feel that the government is using this as another way to watch them. Certain religious people feel that the cards are just the beginning of the end of time.
Forum Post #7 (Microeconomics)
Analyzing the major barrier for entry and exit the into the airline industry.
Barriers are on the high end of the industry and because of this it help keep the monopoly stay in business. The airline industry is not a large industry, but its no like anyone could just start up an airline, in fact that it will be difficult to get started and maintain it if you don't have enough capital. The text states that Barriers to entry are natural or artificial obstacle that keeps new firms from entering an industry (Amacher & Pate, 2013, sec. 10.2). Not only the high cost are barriers there some I didn't know about, like the Federal Aviation Administration limited the number of takeoffs and landing and government allowed airline to sell or buy takeoff and landing slots to each other. "(Mouawad, J, 2012). Now the is surely oligopoly, by buying and selling the takeoff and landing allows the airline to keep control of each other and the down side they could raise prices out the roof and that when the government will have to step in and protect the consumers.
Forum Post #8 (Microeconomics)
Analyze the major barriers for entry and exit into the airline industry.
When you decide that you want to invest in the airline industry you need to remember that you need a lot of capital, You need to remember that you need to lease space at terminals for landing and relieving customers. You have to purchase or rent airplanes and you have to be able to hire employees to operate them. (Khan Academy, Perfect Competition, [Video file])
Explain how each barrier can foster either monopoly or oligopoly.
Barriers affect all companies. "Monopoly is a market structure in which there is a single seller of a product with no close substitute."(Amacher, R. & Pate, J. 2013) Another market structure is referred to as an oligopoly. "Oligopoly is a market structure in which there are only a few firms or a few firms dominate the market."(Amacher, R. & Pate, J. 2013) The two are very similar with some feeling they are one in the same. An oligopoly may be formed when the price to develop a business is so large it takes more than one firm to enter the market. A monopoly occurs when a firm sees that they are going to have unwanted competition is they loose control of the customers in the market. Location also plays a part of a barrier because in isolated areas a business can be a monopoly or oligopoly because it is so hard for someone to acquire a good location.
What barriers, if any, do you feel give rise to monopoly that will allow the government to become involved to protect consumers?
When a monopoly arises because of isolationism the company may feel they can charge whatever they want because they do not have any competition. The government becomes involved and breaks up the company. This happened with AT&T in the 1970's and 1980's. They became the only telephone company in the U.S. because the eliminated their competition over the years. The government began to encourage competition and AT&T responded by denying access to the interconnects. The company was forced to break up and many local companies or "baby bells" were formed. Some of the "baby bells" merged and some failed. They formed SBC communications and bought the parent company and renamed themselves AT&T, (Weller, SW, 2015)