Solution Manual for Essentials Of Modern Business Statistics With Microsoft Excel 8th Edition David R. Anderson

TESTBANK v




Essentials of Modern Business Statistics with Microsoft Excel, by
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Anderson
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8th Edition
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TESTBANK v

,Chapter 1 v




Data and Statistics
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Learning Objectives
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1. Obtain an appreciation for the breadth of statistical applications in business and economics.
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2. Understand the meaning of the terms elements, variables, and observations as they are used in
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statistics.
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3. Obtain an understanding of the difference between categorical, quantitative, cross-sectional, and
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time series data.
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4. Learn about the sources ofdata for statistical analysis both internal and external to the firm.
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5. Be aware of how errors can arise in data.
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6. Know the meaning of descriptive statistics and statistical inference.
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7. Be able to distinguish between a population and a sample.
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8. Understand the role a sample plays in making statistical inferences about the population.
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9. Know the meaning of the terms analytics, big data and data mining.
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10. Be aware of ethical guidelines for statistical practice.
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,
, Solutions:

1. Statistics can be referred to as numerical facts. In a broader sense, statistics is the field of study
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dealing with the collection, analysis, presentation, and interpretation of data.
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2. a. The ten elements are the ten tablet computers.
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b. Five variables: Cost ($), Operating System, Display Size (inches), Battery Life (hours), CPU
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Manufacturer
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c. Categorical variables: Operating System and CPU Manufacturer v v v v v v




Quantitative variables: Cost ($), Display Size (inches), and Battery Life (hours) v v v v v v v v v v




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Variable Measurement Scale v




Cost ($) v Ratio
Operating System v Nominal
Display Size (inches) v v Ratio
Battery Life (hours) v v Ratio
v CPU Manufacturer v Nominal

3. a. Average cost = 5829/10 = $582.90 v v v v v




b. Average cost with a Windows operating system = 3616/5 = $723.20
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v Average cost with an Android operating system = 1714/4 = $428.5
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v The average cost with a Windows operating system is much higher.
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c. 2 of 10 or 20% use a CPU manufactured by TI OMAP.
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d. 4 of 10 or 40% use an Android operating system.
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4. a. There are eight elements in this data set; each element corresponds to one of the eight models of
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cordless telephones.
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b. Categorical variables: Voice Quality and Handset on Base v v v v v v v




v Quantitative variables: Price, Overall Score, and Talk Time v v v v v v v




c. Price – ratio measurement v v v




Overall Score – interval measurement Voice v v v v v




Quality – ordinal measurement Handset on
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Base – nominal measurement Talk Time –
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ratio measurement
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5. a. Average Price = 545/8 = $68.13 v v v v v




b. Average Talk Time = 71/8 = 8.875 hours v v v v v v v




c. Percentage rated Excellent: 2 of 8 v v v v v 2/8 = .25, or 25% v v v v




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