ESSENTIALS OF STATISTICS FOR
BUSINESS AND ECONOMICS 8TH
EDITION ANDERSON COMPREHENSIVE
QUESTIONS AND SOLUTIONS UPDATED
STUDY RESOURCE
◉ Descriptive Statistics
Answer: refers to the collection, organization, presentation, and
summary of data (either using charts and graphs or using a
numerical summary.)
◉ Inferential Statistics
Answer: refers to generalizing from a sample to a population,
estimating unknown population parameters, drawing conclusions,
and making decisions.
◉ Observation
Answer: is a single member of a collection of items that we want
to study, such as a person, firm, or region.
◉ Variable
Answer: is a characteristic of the subject or individual, such as an
employee's income or an invoice amount
, ◉ Data Set
Answer: consists of all the values of all the variables for all the
observations we have chosen to observe.
◉ Univariate Data Sets
Answer: one variable
◉ Bivariate Data Sets
Answer: two variables
◉ Multivariate Data Sets
Answer: more than two variables
◉ Categorical Data
(Qualitative Data)
Answer: have values that are described by words rather than
numbers
◉ Numerical Data
(Quantitative Data)
Answer: arise from counting, measuring something, or some kind
of mathematical operation.
BUSINESS AND ECONOMICS 8TH
EDITION ANDERSON COMPREHENSIVE
QUESTIONS AND SOLUTIONS UPDATED
STUDY RESOURCE
◉ Descriptive Statistics
Answer: refers to the collection, organization, presentation, and
summary of data (either using charts and graphs or using a
numerical summary.)
◉ Inferential Statistics
Answer: refers to generalizing from a sample to a population,
estimating unknown population parameters, drawing conclusions,
and making decisions.
◉ Observation
Answer: is a single member of a collection of items that we want
to study, such as a person, firm, or region.
◉ Variable
Answer: is a characteristic of the subject or individual, such as an
employee's income or an invoice amount
, ◉ Data Set
Answer: consists of all the values of all the variables for all the
observations we have chosen to observe.
◉ Univariate Data Sets
Answer: one variable
◉ Bivariate Data Sets
Answer: two variables
◉ Multivariate Data Sets
Answer: more than two variables
◉ Categorical Data
(Qualitative Data)
Answer: have values that are described by words rather than
numbers
◉ Numerical Data
(Quantitative Data)
Answer: arise from counting, measuring something, or some kind
of mathematical operation.
