Solutions Manual: Essentials of Modern Business Statistics With Microsoft Excel 8th edition by David R. Anderson latest edition 2024

2 - 1 Solutions Manual : Essentials of Modern Business Statistics With Microsoft Excel 8th edition by David R. Anderson , Dennis J. Sweeney , Thomas A. Williams 2 - 2 Contents Chapter 1. Data and Statistics 2. Descriptive Statistics: Tabular and Graphical Methods 3. Descriptive Statistics: Numerical Methods 4. Introduction to Probability 5. Discrete Probability Distributions 6. Continuous Probability Distributions 7. Sampling and Sampling Distributions 8. Interval Estimation 9. Hypothesis Testing 10. Comparisons Involving Means 11. Comparisons Involving Proportions and A Test of Independence 12. Simple Linear Regression 13. Multiple Regression 14. Statistical Methods for Quality Control 2 - 3 Chapter 1 Data and Statistics Learning Objectives 1. Obtain an appreciation for the breadth of statistical applications in business and economics. 2. Understand the meaning of the terms elements, variables, and observations as they are used in statistics. 3. Understand that data are obtained using one of the following scales of measurement: nominal, ordinal, interval, and ratio. 4. Obtain an understanding of the difference between qualitative, quantitative, crossectional and time series data. 5. Learn about the sources of data for statistical analysis both internal and external to the firm. 6. Be aware of how errors can arise in data. 7. Know the meaning of descriptive statistics and statistical inference. 8. Be able to distinguish between a population and a sample. 9. Understand the role a sample plays in making statistical inferences about the population. 2 - 4 Solutions: 1. Statistics can be referred to as numerical facts. In a broader sense, statistics is the field of study dealing with the collection, analysis, presentation and interpretation of data. 2. a. 9 b. 4 c. Country and room rate are qualitative variables; number of rooms and the overall score are quantitative variables. d. Country is nominal; room rate is ordinal; number of rooms is ratio and overall score is interval. 3. a. Average number of rooms = 808/9 = 89.78 or approximately 90 rooms b. 2 of 9 are located in England; approximately 22% c. 4 of 9 have a room rate of $$; approximately 44% 4. a. 10 b. All brands are models of minisystems manufactured. c. Average price = 3140/10 = $314 d. $314 5. a. 5 b. Price, CD capacity, and the number of tape decks are quantitative. Sound quality and FM tuning sensitivity and selectivity are qualitative. c. Average CD capacity = 30/10 = 3. d. 7 (100) = 70% 10 e. 4 (100) = 40% 10 6. Questions a, c, and d are quantitative. Questions b and e are qualitative. 7. a. The variable is qualitative. b. Nominal with four labels or categories. 8. a. 1005 b. Qualitative