TEST BANK #z
Statistics for Business and Economics
#z #z #z #z
by Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W.
#z #z #z #z #z #z #z #z #z #z #z
Ohlmann
#z
15th Edition #z
FULL TEST BANK!!! #z #z
,
,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 #zcan #zbe #zreferred #zto #zas #znumerical #zfacts. #zIn #za #zbroader #zsense, #zstatistics #zis #zthe
#zfield #zof #zstudy #zdealing #z with #zthe #zcollection, #zanalysis, #zpresentation, #zand #zinterpretation
#zof #zdata.
2. a. The #zten #zelements #zare #zthe #zten #ztablet #zcomputers.
b. Five #zvariables: #zCost #z($), #zOperating #zSystem, #zDisplay #zSize #z(inches), #zBattery #zLife
#z(hours), #zCPU #zManufacturer
c. Categorical #zvariables: #zOperating #zSystem #zand #zCPU #zManufacturer
Quantitative #zvariables: #zCost #z($), #zDisplay #zSize #z(inches), #zand #zBattery #zLife #z(hours)
d. #z
Variable Measurement #z Scale
Cost #z($) Ratio
Operating #zSystem Nominal
Display #zSize #z(inches) Ratio
Battery #zLife #z(hours) Ratio
# z CPU #zManufacturer Nominal
3. a. Average #zcost #z= #z5829/10 #z= #z$582.90
b. Average #zcost #zwith #za #zWindows #zoperating #zsystem #z= #z3616/5 #z=
#z $723.20 #zAverage #zcost #zwith #zan #zAndroid #zoperating #zsystem #z=
#z 1714/4 #z= #z$428.5 #zThe #zaverage #zcost #zwith #za #zWindows
#z operating #zsystem #zis #zmuch #zhigher.
c. 2 #zof #z10 #zor #z20% #zuse #za #zCPU #zmanufactured #zby #zTI #zOMAP.
d. 4 #zof #z10 #zor #z40% #zuse #zan #zAndroid #zoperating #zsystem.
4. a. There #zare #zeight #zelements #zin #zthis #zdata #zset; #zeach #zelement #zcorresponds #zto #zone #zof #zthe
#zeight #zmodels #zof #zcordless #ztelephones.
b. Categorical #zvariables: #zVoice #zQuality #zand #zHandset #zon
#z Base #zQuantitative #zvariables: #zPrice, #zOverall #zScore, #zand
Talk #zTime
#z
c. Price #z– #zratio #zmeasurement
Overall #zScore #z– #zinterval #zmeasurement
#zVoice #zQuality #z– #zordinal #zmeasurement
#zHandset #zon #zBase #z– #znominal
#zmeasurement #zTalk #zTime #z– #zratio
#zmeasurement
5. a. Average #zPrice #z= #z545/8 #z= #z$68.13
b. Average #zTalk #zTime #z= #z71/8 #z= #z8.875 #zhours
c. Percentage #zrated #zExcellent: #z 2 #zof #z8 2/8 #z= #z.25, #zor #z25%
4 #z-
#z2
Statistics for Business and Economics
#z #z #z #z
by Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W.
#z #z #z #z #z #z #z #z #z #z #z
Ohlmann
#z
15th Edition #z
FULL TEST BANK!!! #z #z
,
,Chapter 1
Data and Statistics
Learning Objectives
1. Obtain an appreciation for the breadth of statistical applications in business and economics.
2. Understand the meaning of the terms elements, variables, and observations as they are used in
statistics.
3. Obtain an understanding of the difference between categorical, quantitative, cross-sectional, and
time series data.
4. Learn about the sources of data for statistical analysis both internal and external to the firm.
5. Be aware of how errors can arise in data.
6. Know the meaning of descriptive statistics and statistical inference.
7. Be able to distinguish between a population and a sample.
8. Understand the role a sample plays in making statistical inferences about the population.
9. Know the meaning of the terms analytics, big data and data mining.
10. Be aware of ethical guidelines for statistical practice.
, Solutions:
1. Statistics #zcan #zbe #zreferred #zto #zas #znumerical #zfacts. #zIn #za #zbroader #zsense, #zstatistics #zis #zthe
#zfield #zof #zstudy #zdealing #z with #zthe #zcollection, #zanalysis, #zpresentation, #zand #zinterpretation
#zof #zdata.
2. a. The #zten #zelements #zare #zthe #zten #ztablet #zcomputers.
b. Five #zvariables: #zCost #z($), #zOperating #zSystem, #zDisplay #zSize #z(inches), #zBattery #zLife
#z(hours), #zCPU #zManufacturer
c. Categorical #zvariables: #zOperating #zSystem #zand #zCPU #zManufacturer
Quantitative #zvariables: #zCost #z($), #zDisplay #zSize #z(inches), #zand #zBattery #zLife #z(hours)
d. #z
Variable Measurement #z Scale
Cost #z($) Ratio
Operating #zSystem Nominal
Display #zSize #z(inches) Ratio
Battery #zLife #z(hours) Ratio
# z CPU #zManufacturer Nominal
3. a. Average #zcost #z= #z5829/10 #z= #z$582.90
b. Average #zcost #zwith #za #zWindows #zoperating #zsystem #z= #z3616/5 #z=
#z $723.20 #zAverage #zcost #zwith #zan #zAndroid #zoperating #zsystem #z=
#z 1714/4 #z= #z$428.5 #zThe #zaverage #zcost #zwith #za #zWindows
#z operating #zsystem #zis #zmuch #zhigher.
c. 2 #zof #z10 #zor #z20% #zuse #za #zCPU #zmanufactured #zby #zTI #zOMAP.
d. 4 #zof #z10 #zor #z40% #zuse #zan #zAndroid #zoperating #zsystem.
4. a. There #zare #zeight #zelements #zin #zthis #zdata #zset; #zeach #zelement #zcorresponds #zto #zone #zof #zthe
#zeight #zmodels #zof #zcordless #ztelephones.
b. Categorical #zvariables: #zVoice #zQuality #zand #zHandset #zon
#z Base #zQuantitative #zvariables: #zPrice, #zOverall #zScore, #zand
Talk #zTime
#z
c. Price #z– #zratio #zmeasurement
Overall #zScore #z– #zinterval #zmeasurement
#zVoice #zQuality #z– #zordinal #zmeasurement
#zHandset #zon #zBase #z– #znominal
#zmeasurement #zTalk #zTime #z– #zratio
#zmeasurement
5. a. Average #zPrice #z= #z545/8 #z= #z$68.13
b. Average #zTalk #zTime #z= #z71/8 #z= #z8.875 #zhours
c. Percentage #zrated #zExcellent: #z 2 #zof #z8 2/8 #z= #z.25, #zor #z25%
4 #z-
#z2
