Business Summary Statistics 100
Describe how the range of a data set can help describe its variability. - correct answer-The
range can help describe a data set by evaluating the whole of a data set, showing spread
within a data set, and comparing the spread between similar data sets. Simply put, it is the
amount of variation from the lowest number to the highest and indicates the size of the
statistical dispersion.
How can a lack of understanding of the measures of central tendency and variability affect
business decisions? Give some examples to support your answer. - correct answer-The
measure of central tendency give you a picture of what to expect in a situation. My example:
a basketball players "average" is the number of points that they usually score. In a business
you make decisions on what you expect to happen. If you know the measure of center it can
help you make better decisions.
What are the mean and mode of the data set?
a.
mean: 39, mode: 29
b.
mean: 35, mode: 43
c.
mean: 35, mode: 29
d.
mean: 39, mode: 43 - correct answer-c.
mean: 35, mode: 29
Harry is saving for a vacation. He kept track of how much he saved each month over the last
six months in the following table. What did Harry save per month on average?
a.
$152.50
b.
$158.00
c.
$915.00
d.
$155.25 - correct answer-a.
$152.50
Olivia enjoys watching little birds at the many feeders in her yard. She counts how many of
them she can see in her yard every morning before she leaves for school. Her data for two
weeks can be seen below.
What is the mean of the number of little birds that Olivia sees in her yard each morning?
Round to the nearest bird, if necessary.
a.
34
, b.
31
c.
30
d.
26 - correct answer-c.
30
The following chart represents the record low temperatures recorded in Phoenix for
April-November. Select the answer below that best describes the mean and the median of
the data set (round answers to the nearest tenth).
a.
The mean is 43.5°F, and the median is 43.6°F.
b.
The mean is 60.5°F, and the median is 60.5°F.
c.
The mean is 60°F, and the median is 61°F.
d.
The mean is 43.6°F, and the median is 43.5°F. - correct answer-d.
The mean is 43.6°F, and the median is 43.5°F.
Which measure of central tendency would be best to describe the following set of data?
a.
median
b.
mode
c.
mean
d.
all of the above - correct answer-a.
median
Terry has been a returning contestant on a game show for the last seven weeks. In a
contestant's first seven appearances on the show they have a chance to answer one
question and win anywhere between $200-$900. On their eighth appearance they get a
chance to answer a question worth $10,000. Given Terry's winnings in the following table,
describe what would happen to the mean and median of the data set if she were to get the
Week 8 question right.
a.
The mean increases by $1,696.30, the median increases by $556.
b.
The mean increases by $1,696.30, the median increases by $79.
c.
The mean increases by $1,186.25, the median increases by $79.
d.
The mean increases by $1,186.25, the median increases by $556. - correct answer-c.
The mean increases by $1,186.25, the median increases by $79.
Describe how the range of a data set can help describe its variability. - correct answer-The
range can help describe a data set by evaluating the whole of a data set, showing spread
within a data set, and comparing the spread between similar data sets. Simply put, it is the
amount of variation from the lowest number to the highest and indicates the size of the
statistical dispersion.
How can a lack of understanding of the measures of central tendency and variability affect
business decisions? Give some examples to support your answer. - correct answer-The
measure of central tendency give you a picture of what to expect in a situation. My example:
a basketball players "average" is the number of points that they usually score. In a business
you make decisions on what you expect to happen. If you know the measure of center it can
help you make better decisions.
What are the mean and mode of the data set?
a.
mean: 39, mode: 29
b.
mean: 35, mode: 43
c.
mean: 35, mode: 29
d.
mean: 39, mode: 43 - correct answer-c.
mean: 35, mode: 29
Harry is saving for a vacation. He kept track of how much he saved each month over the last
six months in the following table. What did Harry save per month on average?
a.
$152.50
b.
$158.00
c.
$915.00
d.
$155.25 - correct answer-a.
$152.50
Olivia enjoys watching little birds at the many feeders in her yard. She counts how many of
them she can see in her yard every morning before she leaves for school. Her data for two
weeks can be seen below.
What is the mean of the number of little birds that Olivia sees in her yard each morning?
Round to the nearest bird, if necessary.
a.
34
, b.
31
c.
30
d.
26 - correct answer-c.
30
The following chart represents the record low temperatures recorded in Phoenix for
April-November. Select the answer below that best describes the mean and the median of
the data set (round answers to the nearest tenth).
a.
The mean is 43.5°F, and the median is 43.6°F.
b.
The mean is 60.5°F, and the median is 60.5°F.
c.
The mean is 60°F, and the median is 61°F.
d.
The mean is 43.6°F, and the median is 43.5°F. - correct answer-d.
The mean is 43.6°F, and the median is 43.5°F.
Which measure of central tendency would be best to describe the following set of data?
a.
median
b.
mode
c.
mean
d.
all of the above - correct answer-a.
median
Terry has been a returning contestant on a game show for the last seven weeks. In a
contestant's first seven appearances on the show they have a chance to answer one
question and win anywhere between $200-$900. On their eighth appearance they get a
chance to answer a question worth $10,000. Given Terry's winnings in the following table,
describe what would happen to the mean and median of the data set if she were to get the
Week 8 question right.
a.
The mean increases by $1,696.30, the median increases by $556.
b.
The mean increases by $1,696.30, the median increases by $79.
c.
The mean increases by $1,186.25, the median increases by $79.
d.
The mean increases by $1,186.25, the median increases by $556. - correct answer-c.
The mean increases by $1,186.25, the median increases by $79.
