1) Medical Decisions: Suppose that you performed a small clinical trial of patients that need blood...

 

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1) Medical Decisions: Suppose that you performed a small clinical trial of patients that need blood thinners. There were 60 people in each group. You tested Aspirin ($10.00/mo) against the pharma product Plavix ($1,000/mo). For many of your patients, they can get their insurance to pay for most of it. Their costs will be between $50.00/mo and $150.00/mo. The results of the studies show that side effects are the same. So, you need to look at the effectiveness of the meds. The average effectiveness of Aspirin is 3.6. The standard deviation for Aspirin is 2.8. The average effectiveness of Plavix is 4.8. The standard deviation for Plavix is 3.0. (Just so we are clear, the data is made up. However, the situation is VERY REAL!) i) What type of test would you use for this type of data? ii) What is the P-value for that test? i) What is the 95% confidence interval for this test? iv) Does there seem to be a statistically significant difference? v) What is the Margin of Error for this test? What is the average difference between Aspirin and Plavix effectiveness? (P.S. take the absolute value of the difference. Meaning, if you get a negative value, drop the negative. i.e. Avg Diff = -5 vi) => 5.) vii) What is the pooled Std Deviation for this data? vii) What is the probability this experiment is reproducible? NCDF(MOE, 1000, Avg Diff, Pooled Std Dev) 1) Medical Decisions: Suppose that you performed a small clinical trial of patients that need blood thinners. There were 60 people in each group. You tested Aspirin ($10.00/mo) against the pharma product Plavix ($1,000/mo). For many of your patients, they can get their insurance to pay for most of it. Their costs will be between $50.00/mo and $150.00/mo. The results of the studies show that side effects are the same. So, you need to look at the effectiveness of the meds. The average effectiveness of Aspirin is 3.6. The standard deviation for Aspirin is 2.8. The average effectiveness of Plavix is 4.8. The standard deviation for Plavix is 3.0. (Just so we are clear, the data is made up. However, the situation is VERY REAL!) i) What type of test would you use for this type of data? ii) What is the P-value for that test? i) What is the 95% confidence interval for this test? iv) Does there seem to be a statistically significant difference? v) What is the Margin of Error for this test? What is the average difference between Aspirin and Plavix effectiveness? (P.S. take the absolute value of the difference. Meaning, if you get a negative value, drop the negative. i.e. Avg Diff = -5 vi) => 5.) vii) What is the pooled Std Deviation for this data? vii) What is the probability this experiment is reproducible? NCDF(MOE, 1000, Avg Diff, Pooled Std Dev)