Statistics for business - How do I know if my trend is a mirage
This Business and Management Faculty webinar took place on 29 March 2017.
Overview
We often see trends in our numbers and make decisions accordingly. Very rarely do we ask whether or not the trend is real or a mirage. Nigel Marriott of the Royal Statistical Society explains the basic principles of hypothesis testing using a monte-carlo simulator that allows you make a decision and quantify the risks of incorrect decisions.