# Resource Library

#### Statistical Topic

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• ### Analysis Tool: HyperStat Online Statistical Analysis (Descriptive Statistics)

This page computes a variety of descriptive statistics and creates a stem and leaf plot. Enter data in the text area, specify a delimiter (Space, Return, Tab, New line), and click "Compute". The page returns sample size, mean, median, trimmed mean, trimean, minimum, maximum, range, first quartile, third quartile, semi-interquartile range, standard deviation, variance, standard error of the mean, skew, and kurtosis. Key Word: Calculator; Summary Statistics.

• ### Analysis Tools: Online Calculator BrightStat.com

BrightStat is a free online application for statistical analyses. Besides many non-parametric tests, BrightStat offers multiple linear regression, logistic regression, ANOVA and repeated measurements ANOVA as well as Kaplan Meier Survival analysis. BrightStat has an easy to use GUI and supports the creation of mostly used scientifc graphs such as line-, bar-, scatter- and box-plots as well as histograms.

• ### Introduction to Probability

This website is provides an online text version of Grinstead & Snell's "Introduction to Probability" as well as supplemental reference information.

• ### Being Warren Buffett: a classroom simulation of financial risk (includes Dataset)

March 24, 2009 Activity webinar presented by Nicholas Horton, Smith College, and hosted by Leigh Slauson, Otterbein College. Students have a hard time making the connection between variance and risk. To convey the connection, Foster and Stine (Being Warren Buffett: A Classroom Simulation of Risk and Wealth when Investing in the Stock Market; The American Statistician, 2006, 60:53-60) developed a classroom simulation. In the simulation, groups of students roll three colored dice that determine the success of three "investments". The simulated investments behave quite differently. The value of one remains almost constant, another drifts slowly upward, and the third climbs to extremes or plummets. As the simulation proceeds, some groups have great success with this last investment--they become the "Warren Buffetts" of the class. For most groups, however, this last investment leads to ruin because of variance in its returns. The marked difference in outcomes shows students how hard it is to separate luck from skill. The simulation also demonstrates how portfolios, weighted combinations of investments, reduce the variance. In the simulation, a mixture of two poor investments is surprisingly good. In this webinar, the activity is demonstrated along with a discussion of goals, context, background materials, class handouts, and references (extra materials available for download free of charge)

• ### Song: Natural Log

Song about the use of the logarithmic transformation in statistics. May be sung to the tune of "Hound Dog" which was popularized by Elvis Presley. Lyrics written by Dennis Pearl with assistance from Deb Rumsey. Musical accompaniment realization and vocals are by Joshua Lintz from University of Texas at El Paso.

• ### Understanding Hypothesis Tests: Significance Levels (Alpha) and P values in Statistics

Resource that gives a clear description of what the p-values and significance levels mean, and what statistical significance means. Graphs are used to illustrate the topics covered in this source.
• ### Tests of Significance

Resource that covers specific topics within significance testing, including significance levels. P-values and how to determine what qualifies as being statistically significant covered. Examples are given throughout the text to further explain the concepts.
• ### Significance

Resource that covers what significance testing is and what it is used for. Describes the significance level and how it relates to the p-value with respect to hypothesis testing. A glossary of key concepts and terms is included at the end of the document.
• ### Significance Level

Short description of what the significance level is and what it takes for a result to be statistically significant.
• ### Alpha Level (Significance Level): What is it?

Text resource that covers what type I and II errors are, how to Calculate an Alpha Level for one- and two-tailed tests, and why an Alpha Level of .05 commonly used. There is also a video included at the beginning of the video to explain the topics.