For Business Statistics Communicating with Numbers 2026 By Sanjiv Jaggia and Alison Kelly A GUARANTEED
Business Statistics Communicating with Numbers 2026 Study Guide by Jaggia and Kelly | Exam Ready A+ Scored Statistics - answer - Helps us make sense of numbers. It is a way to get information from data. Business statistics - answer - Is a process of collecting, organizing, analyzing, and converting data into meaningful information for decision making in a business environment. In this course, the term business statistics refers to the set of tools and techniques that are used to convert information into meaningful data - answer - FALSE Descriptive statistics allow a decision maker to reach a conclusion about a population based on a subset from the population. - answer - FALSE An accountant has recently prepared a report for a client that contains a variety of graphs and charts. In doing so, she has used descriptive statistical methods. - answer - TRUE Companies frequently use charts and graphs in their regular communications with stockholders and investors; this shows the use of descriptive statistics. - answer - TRUE The editor of a local newspaper is interested in determining the percentage of subscribers who read the paper's editorials. The statistical technique that he would use is called estimation. - answer - TRUE Hypothesis testing and estimation are two statistical tools that are used to draw inferences about a large data set based on a subset of the data. - answer - TRUE Another term for the arithmetic average is the mean. - answer - TRUE A light bulb manufacturer wants to advertise the average life of its light bulbs so it tests a subset of light bulbs. This is an example of inferential statistics. - answer - TRUE A sales manager has five salespeople. The following are the number of units sold by the five salespeople during the past week: {5, 13, 6, 2, 4}. Based on the data, the mean number of units sold was 6 units. - answer - TRUE Some of the most common methods of collecting data include experiments, telephone surveys, mail questionnaires, direct observations, and personal interviews. - answer - TRUE Experimental design is a plan for performing an experiment where the effects of one or more factors on the variable of interest are measured. - answer - TRUE Typically, it is possible to include a larger number of questions in a phone survey than in a mail survey since it takes less time to complete the survey over the phone. - answer - FALSE The Cranston Company recently met with a group of its customers to ask questions about the service and products provided by the company. The data collected in this process would be an example of data collected through direct observation. - answer - FALSE Assuming that you are planning to collect data using an experiment, it will be very important to establish an appropriate survey design. - answer - FALSE A company that is interested in determining which of three prices to charge for its products has test marketed the product in three cities, each time using a different price for the product. The number of products sold in the first week is recorded. In this case, the data are considered to have been collected using an experiment. - answer - TRUE The primary purpose of performing a pre-test when developing a telephone or mail survey is to make sure that the respondents can understand the questions and are able to provide meaningful responses. - answer - TRUE Questions on a written survey dealing with the characteristics of the respondent (age, income, etc.) are referred to as categorical questions. - answer - FALSE Data collected on the Internet can generally be considered accurate since the data must go through a screening process before they can be placed on the Internet. - answer - FALSE Recently, an analyst in a company's marketing department surveyed customers regarding how often they buy a particular product. One customer indicated that she purchased the product 17 times in the last six months, but the analyst recorded the response as 71 times. This is a
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