1 What is the first step in any statistical analysis?

A.

The first step is to identify the dependent variable (Y) throughout some time period and then develop a correlation with one or more likely independent variables (X) throughout the same time period in preparation for developing a predictive model.

B.

The first step is to estimate the continuous, linear cost function, and if the analytical method permits, estimate the normal range (the variance) within which future variance amounts are likely to occur.

C.The first step is to

graph

either the economically plausible data of available (X,Y) pairs of data or the (X, Y) pairs, depending on the estimated data points.

D.The first step is to

gather

existing data on the dependent variable (X) and the corresponding actual independent variables (Y) that have occurred in the past.

2

Provide examples of interdependencies and relate them to the decision framework. Examples of interdependencies include and The five steps that can be used to assist in making a decision are as follows: 1. 2. 3. 4. 5