TESTBANK |
Essentials of Modern Business Statistics with Microsoft Excel, by
| | | | | | | |
Anderson
|
8th |Edition
TESTBANK |
,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. Obtain |an |understanding |of |the |difference |between |categorical, |quantitative, |cross-sectional, |and
|time |series |data.
4. Learn |about |the |sources |of |data |for |statistical |analysis |both |internal |and |external |to |the |firm.
5. Be |aware |of |how |errors |can |arise |in |data.
6. Know |the |meaning |of |descriptive |statistics |and |statistical |inference.
7. Be |able |to |distinguish |between |a |population |and |a |sample.
8. Understand |the |role |a |sample |plays |in |making |statistical |inferences |about |the |population.
9. Know |the |meaning |of |the |terms |analytics, |big |data |and |data |mining.
10. Be |aware |of |ethical |guidelines |for |statistical |practice.
,
, 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. The |ten |elements |are |the |ten |tablet |computers.
b. Five |variables: |Cost |($), |Operating |System, |Display |Size |(inches), |Battery |Life |(hours), |CPU
|Manufacturer
c. Categorical |variables: |Operating |System |and |CPU |Manufacturer
Quantitative |variables: |Cost |($), |Display |Size |(inches), |and |Battery |Life |(hours)
d. |
Variable Measurement | Scale
Cost |($) Ratio
Operating |System Nominal
Display |Size |(inches) Ratio
Battery |Life |(hours) Ratio
| CPU |Manufacturer Nominal
3. a. Average |cost |= |5829/10 |= |$582.90
b. Average |cost |with |a |Windows |operating |system |= |3616/5 |= |$723.20
| Average |cost |with |an |Android |operating |system |= |1714/4 |= |$428.5
The |average |cost |with |a |Windows |operating |system |is |much |higher.
|
c. 2 |of |10 |or |20% |use |a |CPU |manufactured |by |TI |OMAP.
d. 4 |of |10 |or |40% |use |an |Android |operating |system.
4. a. There |are |eight |elements |in |this |data |set; |each |element |corresponds |to |one |of |the |eight |models |of
|cordless |telephones.
b. Categorical |variables: |Voice |Quality |and |Handset |on |Base
Quantitative |variables: |Price, |Overall |Score, |and |Talk |Time
|
c. Price |– |ratio |measurement
Overall |Score |– |interval |measurement
|Voice |Quality |– |ordinal |measurement
|Handset |on |Base |– |nominal |measurement
|Talk |Time |– |ratio |measurement
5. a. Average |Price |= |545/8 |= |$68.13
b. Average |Talk |Time |= |71/8 |= |8.875 |hours
c. Percentage |rated |Excellent: | 2 |of |8 2/8 |= |.25, |or |25%
4 |- |2
Essentials of Modern Business Statistics with Microsoft Excel, by
| | | | | | | |
Anderson
|
8th |Edition
TESTBANK |
,Chapter 1 |
Data and Statistics
| |
Learning |Objectives
1. Obtain |an |appreciation |for |the |breadth |of |statistical |applications |in |business |and |economics.
2. Understand |the |meaning |of |the |terms |elements, |variables, |and |observations |as |they |are |used |in
|statistics.
3. Obtain |an |understanding |of |the |difference |between |categorical, |quantitative, |cross-sectional, |and
|time |series |data.
4. Learn |about |the |sources |of |data |for |statistical |analysis |both |internal |and |external |to |the |firm.
5. Be |aware |of |how |errors |can |arise |in |data.
6. Know |the |meaning |of |descriptive |statistics |and |statistical |inference.
7. Be |able |to |distinguish |between |a |population |and |a |sample.
8. Understand |the |role |a |sample |plays |in |making |statistical |inferences |about |the |population.
9. Know |the |meaning |of |the |terms |analytics, |big |data |and |data |mining.
10. Be |aware |of |ethical |guidelines |for |statistical |practice.
,
, Solutions:
1. Statistics |can |be |referred |to |as |numerical |facts. |In |a |broader |sense, |statistics |is |the |field |of |study
|dealing |with |the |collection, |analysis, |presentation, |and |interpretation |of |data.
2. a. The |ten |elements |are |the |ten |tablet |computers.
b. Five |variables: |Cost |($), |Operating |System, |Display |Size |(inches), |Battery |Life |(hours), |CPU
|Manufacturer
c. Categorical |variables: |Operating |System |and |CPU |Manufacturer
Quantitative |variables: |Cost |($), |Display |Size |(inches), |and |Battery |Life |(hours)
d. |
Variable Measurement | Scale
Cost |($) Ratio
Operating |System Nominal
Display |Size |(inches) Ratio
Battery |Life |(hours) Ratio
| CPU |Manufacturer Nominal
3. a. Average |cost |= |5829/10 |= |$582.90
b. Average |cost |with |a |Windows |operating |system |= |3616/5 |= |$723.20
| Average |cost |with |an |Android |operating |system |= |1714/4 |= |$428.5
The |average |cost |with |a |Windows |operating |system |is |much |higher.
|
c. 2 |of |10 |or |20% |use |a |CPU |manufactured |by |TI |OMAP.
d. 4 |of |10 |or |40% |use |an |Android |operating |system.
4. a. There |are |eight |elements |in |this |data |set; |each |element |corresponds |to |one |of |the |eight |models |of
|cordless |telephones.
b. Categorical |variables: |Voice |Quality |and |Handset |on |Base
Quantitative |variables: |Price, |Overall |Score, |and |Talk |Time
|
c. Price |– |ratio |measurement
Overall |Score |– |interval |measurement
|Voice |Quality |– |ordinal |measurement
|Handset |on |Base |– |nominal |measurement
|Talk |Time |– |ratio |measurement
5. a. Average |Price |= |545/8 |= |$68.13
b. Average |Talk |Time |= |71/8 |= |8.875 |hours
c. Percentage |rated |Excellent: | 2 |of |8 2/8 |= |.25, |or |25%
4 |- |2
