In previous chapters, we have talked about outliers, and how they can affect your results. Watch the Business Insight Video in MyStatLab titled One Outlier Can Change the Results of a Statistical Analysis (featuring Starwood Hotels and Resorts). (To access this video once in MyStatLab, click on the Tools for Success tab on the left navigation panel, then Business Insight Videos under Additional Video Resources.) 200 words or less
After watching the video, please answer the following questions:
What is an outlier? Why is it important that we identify outliers?
When outliers are found in the historical room occupancy data, how does Starwood Hotels deal with them?
What statistical methods are particularly sensitive to outliers?
How can outliers be detected?