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

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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 i

,Chapter 1 i




Data and Statistics i i




Learning Objectives
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1. Obtain a n appreciation for theb readth of statisticala pplicationsin businessa nd economics.
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2. Understand the meaning of the terms elements, variables, and observationsa sthey a re 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 of d ata for statisticala nalysis both internal and external to the firm.
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5. Be aware of howerrorscan arisein data.
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6. Know the meaning of d escriptive statisticsa nd statistical inference.
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7. Bea ble to d istinguish between a population and a sample.
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8. Understand therolea sample playsin making statistical inferences about the population.
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9. Know the meaning of thetermsa nalytics, big data and data mining.
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10 . Bea wareo f ethical guidelines for statisticalp ractice.
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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, Display Size (inches), Battery Life (hours), CPU
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Manufacturer
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c. Categoricalv ariables: OperatingSystem and CPUM anufacturer i i i i i i




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




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Variable Measurement Scale i



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

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




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




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




i average cost with a Windows operating system is much higher.i i i i i i i i i




c. 2 of 10 or 20% use a CPUm anufactured by TI OMAP.
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d. 4 of 1 0 or 40% use an Android operatingsystem.
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4. a. Therea re eight elements in thisd ata 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 i i i i i i i




i Quantitative v ariables: Price, Overall Score,a nd Talk Time i i i i i i i




c. Price – ratio measurement i i i




Overall Score – interval measurement Voice i i i i i




Quality – ordinal measurement Handset o n
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Base– n ominalm easurement Talk Time –
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ratio measurement
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5. a. Average Price = 545/8 = $68.13 i i i i i




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




c. Percentagerated Excellent: 2 of 8 i i i i i 2/8 = .25, or 25% i i i i




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