Solution Manual for Essentials of Modern Business Statistics with Microsoft Excel (MindTap Course List) 8th Edition by David Anderson

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Essentials ofModern Business Statistics withMicrosoft Excel, by
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Anderson
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8th Edition
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,Chapter1 t




Data and Statistics t t




LearningObjectives
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1. Obtain an appreciation for thebreadth ofstatistical applicationsin businessandeconomics.
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2. Understand the meaning ofthe terms elements, variables, and observations astheyare 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 statisticalanalysis both internal and external tothe firm.
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5. Be aware of how errors can arisein data.
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6. Knowthe meaning ofdescriptive statisticsand statistical inference.
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7. Beable todistinguish between a population anda sample.
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8. Understandtherolea sample plays in making statistical inferences about thepopulation.
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9. Knowthe meaning of thetermsanalytics, big data and data mining.
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10. Beawareofethical 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 theten tablet computers.
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b. Five variables: Cost ($), OperatingSystem, DisplaySize (inches), BatteryLife (hours), CPU
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Manufacturer
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c. Categoricalvariables: Operating System andCPUManufacturer t t t t t t




Quantitativevariables: Cost ($), DisplaySize (inches), and BatteryLife (hours) t t t t t t t t t t




d. t



Variable Measurement Scale t




Cost ($) t Ratio
Operating System t Nominal
DisplaySize (inches) t t Ratio
BatteryLife (hours) t t Ratio
t CPU Manufacturer t Nominal

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




b. Average cost with a Windows operating system = 3616/5 = $723.20 t t t t t t t t t t




t Average cost with an Android operating system = 1714/4 = $428.5 The t t t t t t t t t t t




average cost with a Windows operating system is much higher.
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c. 2 of 10 or 20% use a CPU manufactured byTI OMAP.
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d. 4 of10 or 40% use an Android operating system.
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4. a. Thereare eight elements in thisdata 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 t t t t t t t




t Quantitativevariables: Price, Overall Score, andTalkTime t t t t t t t




c. Price –ratio measurement t t t




Overall Score – interval measurement Voice t t t t t




Quality – ordinal measurement Handseton
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Base – nominalmeasurement Talk Time –
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ratio measurement
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5. a. Average Price = 545/8 = $68.13 t t t t t




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




c. Percentagerated Excellent: 2 of8 t t t t t 2/8 = .25, or 25% t t t t




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