October 2015
Beginner
384 pages
16h 41m
English
Content preview from Business Statistics Made Easy in SAS
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Step 2: Financial Estimates of Revenue or Cost of One Unit
“Show Me the Money”
In order to assess the financial implications of a statistical procedure, you usually
need to translate a focal variable or relationship into either revenue or cost. Usually,
the first step is to calculate the revenue or cost implications of one unit of a focal variable. For instance:
-
Perhaps the dependent variable in a statistical analysis is employee turnover. If you knew the average cost of a single employee turnover, then you could calculate the overall cost of all turnovers this month (the level of the variable). Alternately, if you think you can reduce employee turnover by a certain percentage through management interventions (a change analysis probably ...
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