From my lecture note at university #3 (Modeling with statistics)

Today (the 3rd session), I started the class with re-cap of the last session on hypothesis approach.

After the team study of developing the logic tree, I asked a question of how to prioritize the hypothesis logically.

I showed “Payoff matrix” to pur priority.


Today’s main agenda was “Average”.

Using Average is easy but highly depending on only average may be misleading without knowing the distribution of the original data.



After the three sessions, I learned a lot and needed to adjust my class to fit the students:

(i) Undergraduate student may not necessarily know the basic staff (Profit structure ets.) as a business person commonly has.

(ii) They are not familiar with basic operations of Microsoft applications(Excel).

It is very challenging to me but extremly exciting!!


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