# STAT 2301: Statistics for Business

### School: Southern Methodist University

Number of Notes and Study Guides Available: 1

### Videos

##### Electronic Failures: Deciding Between Minor & Major Defects Cost-Effec

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Discover the intricacies of determining the cause of electronic system failures, either minor or major defects, using statistical distributions. Learn how to minimize the expected cost and make informed decisions based on soundings and loss tables

##### Assumptions in Statistics: A High School Age Distribution Error

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Analyze the statistical assumptions made about high school students' ages, emphasizing the importance of understanding distributions before applying the Standard Normal Table.

##### Estimating Study Hours: A 99% Confidence Method"

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Explore how a university dean estimates freshmen study hours using statistical methods. Understand the importance of z-scores, confidence levels, and sample sizes in making accurate predictions. Learn how to ensure results are within a desired error margin.

##### Lake Macatawa Bacteria: 90% Confidence Analysis

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Discover the method to analyze bacteria colonies in Lake Macatawa's east basin. Using 30 samples, we compute a 90% confidence interval for the mean colony count. Learn the steps of statistical analysis in environmental studies.

##### 2010 US Gas Prices: Insights with Chebyshev’s Inequality

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Unpack the average US gasoline prices in December 2010 using Chebyshev’s Inequality. Discover the minimum percentage of gas stations within specific price deviations. Learn how prices ranged based on standard deviations from the mean.

##### Testing the 123-Gallon Daily Water Claim: Fact or Fiction?

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Explore the claim that average daily water consumption is 123 gallons. Using statistical testing, we evaluate a new sample against the Old Farmer’s Almanac claim. Learn how to interpret p-values and t-scores in hypothesis testing.