Mark Solberg writes:
>I need to analyze the hold percentage on certain table games in the casino
I
>work at. The hold percentage is the % of money a gaming table wins / the
>total amount dropped into the "drop box" (Win/Drop). This is done to
>evaluate whether problems exist, i.e. theft, bad game protection, etc..
>
>The data I have is for each day, I have the calculated hold percentage for
>each of the individual table games. There are multiple table games of each
>type, for example there are 7 blackjack tables.
>
>Q: I want to calculate the standard deviation and confidence interval for
>blackjack by week. Do I add the total win and total drop for the entire
>week and establish a weekly hold percentage and use multiple weeks to
>calculate a standard deviation and hold percentage?
Sorry it took so long to respond.
You might want to think about what you would do with a confidence interval
once you got it. It won't help you evaluate whether problems exist.
Typically, when someone wants to monitor a process over time, they find that
control charts help a lot. There are many good books out there that can show
you why you would want to use control charts. Wheeler's book is probably the
friendliest introduction that I have seen.
Wheeler, Donald J. (1993). Understanding Variation. The Key to Managing
Chaos. Knoxvile TN: SPC Press, Inc. (ISBN: 0-945320-35-3). For the beginning
student. An insightful introduction about variation in business processes,
how to identify it and how to control it. A must read for anyone working on
improving quality in work processes.
Steve Simon, [EMAIL PROTECTED], Standard Disclaimer.
STATS: STeve's Attempt to Teach Statistics. http://www.cmh.edu/stats
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