Longford, Nicholas T.
Statistics for Making Decisions
- ISBN 13:
- 9780367342708
- author:
- Longford, Nicholas T.
- format:
- Paperback
- publisher:
- Taylor & Francis Ltd
- language:
- English
- Publication Year:
- 2022
- Pages:
- 291
- Dimensions:
- 155mm X
- Genre:
- Mathematik, Wahrscheinlichkeitstheorie, Wahrscheinlichkeitsrechnung und Statistik,
- Condition:
- New
- Availability:
- Item usually sent within 10 working days
Description
Statistics for Making Decisions by Nicholas T. Longford offers a new approach to statistical inference, placing decision-making at its core. This paradigm focuses on incorporating prior information and understanding the consequences of errors in analysis. The author argues that hypothesis testing has limitations, particularly when it comes to error costs, which can be significant for clients. Instead, this book proposes using the Bayes rule to select the option with the smallest expected loss. While this approach requires more detailed descriptions of options and quantifying error consequences, it provides a principled solution. This book is aimed at analysts dealing with simple statistical problems, such as comparing sample means or deciding parameter signs. It highlights the deficiencies of hypothesis testing while promoting a practical solution to minimize errors.
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