BUSI 2372 - Chapter 1

Identify which one of the following is a continuous quantitative variable.

- The average weight of apples in a box at the market. Not - The number of holidays in a year

Which one of the following are properties of ordinal level data?

- The data can be ranked or ordered Not: - It can only be classified and counted (nominal definition)

Match the following levels of data to the description of the observations: 1. Nominal 2. Ordinal 3. Interval 4. Ratio

1. The types of fruit in a grocery store 2. Movie ratings 3. Shoe sizes 4. Stock prices

Statistics

the science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions

Which one of following is the a population in the statistical sense?

- All of the automobiles sold in Canada in 2011

Which of the following represents data recorded at the nominal level?

- Brand of newly purchased TV

Which of the following are methods or techniques used in descriptive statistics?

- Constructing charts and graphs - Constructing frequency distribution - Calculating summary measures like the average Not: - Conducting hypothesis tests for population means - Building regression models to make predictions

Which of the following are samples in the statistical sense?

- Six randomly chosen books from the library - Ten apples selected from a grocery store bin containing 100 apples - The GPA of every eighth person on the class roster. Not: - In a study of students at the University of Iowa, all of the enrolled students.

Identify all of the following items that are quantitative variables:

- The miles per gallon for a particular model of car - The weight of a Siamese cat Not: - The major of a college graduate - The color of a person's eyes

Chapter 1 Homework - Question 7

Chapter 1 Homework - Answer to Question 7 located in google docs

Ordinal level of measurement

Data recorded at the ordinal level of measurement are based on a relative ranking or rating of items based on a defined attribute or qualitative variable. Variables based on this level of measurement are only ranked or counted.

Qualitative variable

When an object or individual is observed and recorded as a non-numeric characteristic.

Classify the following as a population or sample: A. All immigrants to the United States in 2005. B. A few drops of blood from a patient for blood-typing.

A. Population B Sample Explanation: A population is the entire group which you are studying. A sample is a subset taken from a population.

Levels of Management 1/4: Nominal

Data may only be classified - Jersey numbers of football players - Make of car

Continuous variables

can assume any value within a specific range

Discrete variables can...

assume only certain values, and there are "gaps" between the values. Example: a home can have 3 or 4 bedrooms, but it cannot have 3.56 bedrooms

The four levels of measurement:

nominal, ordinal, interval, and ratio

Which of the following are attributes of a continuous quantitative variable?

- There are no required gaps between values Explanation: Gaps between values may exist, but they are not required by the nature of the variable - It can take on any value within a range of values - It is typically the result of measuring something Explanation: Measurement can result in factional values Not: - It can only be represented by integer values Explanation: Integers are discrete, not continuous numbers

Quantitative Variable

when a variable can be reported numerically

T/F Statistics knowledge is necessary to successfully use business analytics..

True

Levels of Management 4/4: Ratio

Meaningful 0 point and ratio between values - Number of patients seen - Number of sales calls made - Distance to class

Levels of Management 3/4: Interval

Meaningful difference between values - Temperature - Dress size

Descriptive Statistics

Methods of organizing, summarizing, and presenting data in an informative way.

Descriptive Statistics Example

The average person spent $147 on traditional Valentine's day merch in 2016. This is an increase of $5 from 2015. As is typical...

Inferential Statistics

The methods used to estimate a property of a population on the basis of a sample.

Explain the difference between qualitative and quantitative variables. Qualitative data is: selected answer correct, whereas quantitative data is:

not numerical numerical

Explain the difference between a discrete and a continuous variable. Discrete variables can assume: , but continuous variables can assume:

only certain values answer correct any values

Why study statistics?

1. Data are collected everywhere and require statistical knowledge to make the information useful 2. Statistical techniques are used to make professional and personal decisions 3. No matter what your career, you will need a knowledge of statistics to understand the world and to be conversant in your career.

Quantitative variables are either ___________ or ____________ .

1. Discrete 2. Continuous

What are the two basic types of variables?

1. Qualitative 2. Quantitative

Which of the following variables is recorded at the interval level of measurement?

A mans shoe size

Which of the following is the best definition of a statistical sample?

A portion, or part of the population of interest.

Which of the following is not part of the science of statistics?

Choosing data that supports your conclusion Explanation: The conclusion should be reached after the data has been collected and analyzed, not before.

Which of the following are examples of statistics?

- Yesterday's share price for Proctor and Gamble stock - The number of home runs in last years world series - The median price of a house in detroit NOT: - The typical genre of music played on KCFR (This is not numerical information, and therefore not a statistic.)

Which of the following best describes the role of a statistician in working with data?

- She should strive to present her analysis with clarity, honesty, and integrity

Which level of data gives the most information about the observation:

Ratio Explanation: This is the highest level.

interval level of measurement

For data recorded at the interval level of measurement, the interval or the distance between values is meaningful. The interval level of measurement is based on a scale with a known unit of measurement.

Which of the following variables is recorded at the ratio level of measurement?

Salaries of business school graduates Not: - The temperature on the first day of spring

Population

The entire set of individuals or objects of interest or the measurements obtained from all individuals or objects of interest.

Which one of the following represents statistical information?

- The median income of Wasau county is $40,578 per year - Lucky's market sells a maximum of 240 kilograms of apples per month - On average there are 12.5 chocolate chips in a Chips Hello cookie.

Which of the following are discrete variables?

- The number of customers using an ATM on a given day - The number of cars for sale on a used car lot Not: - The height of trees in central park - The amount of time a student studied for a test

Which of the following are properties of ratio level data?

- The ratio of two values is meaningful - There is a true zero point - It has all the properties of interval level data

Which of the following are attributes of a discrete quantitative variable?

- There are gaps between the values of this variable - It can be used to count items, in which case it can only have integral values - It can assume only certain values within a range

Which of the following are not proper and ethical activities for a statistician in working with data?

- Use samples that represent only a desired part of a population - Report only those statistics that support his conclusions - Remove outliers that bias the data too far in one direction

How has technology increased the need for statistical analysis?

- Vast amounts of data are collected, and understanding it requires statistical knowledge.

What could Brandon and Associates report to Boston Market regarding acceptance of the chicken dinner in the population?

On the basis of the sample of 1,960 consumers, we estimate that, if it is marketed, 60% of all customers will purchase the chicken dinner: (1,176/1,960) x 100 = 60%

Sample

A portion, or part, of the population of interest.

A. Which of the 4 is the lowest/most primitive form of measurement? B. Which of the 4 is the highest?

A. Nominal B. Ratio

A poll solicits a large number of college undergraduates for information on the following variables: the name of their cell phone provider (AT&T, Verizon, and so on), the numbers of minutes used last month (200, 400, for example), and their satisfaction with the service (Terrible, Adequate, Excellent, and so forth). What is the level of measurement for each of these three variables? A. The cell phone provider B. The number of minutes used C. Satisfaction with the service

A. Nominal B. Ratio C. Ordinal Explanation The cell phone providers are different from each other but have no meaning other than identification. So they are nominal level of measurement. The minutes used has a significant zero point and the ratio between two numbers meaningful. So they are ratio level of measurement. Satisfaction ratings are higher or lower than one another, but the differences between them are not the same. So the satisfaction ratings are ordinal level of measurement.

For the following situations, would you collect information using a sample or a population? A. Statistics 201 is a course taught at a university. Professor Rauch has taught nearly 1,500 students in the course over the past 5 years. You would like to know the average grade for the course based on all 1,500 students. B. As part of a research project, you need to report the average profit as a percentage of revenue for the #1-ranked corporation in the Fortune 500 for each of the last 10 years. C. You are looking forward to graduation and your first job as a salesperson for one of five large pharmaceutical corporations. Planning for your interviews, you will need to know about each company's mission, profitability, products, and markets. D. You are shopping for a new MP3 music player such as the Apple iPod. The manufacturers advertise the number of music tracks that can be stored in the memory. Usually, the advertisers assume relatively short, popular songs to estimate the number of tracks that can be stored. You, however, like Broadway musical tunes and they are much longer. You would like to estimate how many Broadway tunes will fit on your MP3 player.

A. Population B. Population C. Population D. Sample Explanation - A population is used because the professor likely has grades readily available from every student over the past 5 years. - A population is employed because the information is easy to find and there are only 10 observations in the entire population. - A population is used because the information is easy and relatively quick to collect for only five companies. - A sample works because it is difficult to locate every musical and the length of every song.

Classify the following as a population or sample: A. Two chimpanzees chosen to carry out genetic research. B. Weather reports for each day of a month in a city for a study on that city's weather during that particular month.

A. Sample B. Population

The two categories of statistical study are:

descriptive statistics and inferential statistics

What are the two types of quantitative variables:

discrete and continuous

Examples of qualitative variables:

gender, beverage preference, type of vehicle owned, state of birth, and eye color.

Examples of Quantitative variable

the balance in your checking account, the number of gigabytes of data used on your cell phone plan last month, the life of a car battery (such as 42 months), and the number of people employed by a company.

Example of discrete variables:

the number of bedrooms in a house, the number of cars arriving at Exit 25 on I-4 in Florida near Walt Disney World in an hour, and the number of students in each section of a statics course.

Examples of ratio scale of measurement:

wages, units of production, weight, changes in stock prices, distance between branch offices, and height.

Levels of Management 2/4: Ordinal

Data is ranked - Your rank in class - Team standing in the Southeastern Conference

nominal level of measurement

Data recorded at the nominal level of measurement are represented as labels or names. They have no order. They can only be classified and counted.

Ratio-level data

Data recorded at the ratio level of measurement are based on a scale with a known unit of measurement and a meaningful interpretation of zero on the scale.

Slate is a daily magazine on the Web. Its business activities can be described by a number of variables. What is the level of measurement for each of the following variables? A. The number of hits on their website on Saturday between 8:00 a.m. and 9:00 a.m. B. The departments, such as food and drink, politics, foreign policy, sports, etc. C. The number of weekly hits on the Sam's Club ad. D. The number of years each employee has been employed with Slate.

A. Ratio B. Nominal C. Ratio D. Ratio Explanation: A. The number of hits on their web site on Saturday has a significant zero point and the ratio between two numbers meaningful. So they are ratio level of measurement. B. The departments are different from each other but have no meaning other than identification. So they are nominal level of measurement. C. The number of weekly hits on the Sam's Club ad has a significant zero point and the ratio between two numbers meaningful. So they are ratio level of measurement. D. The number of years each employee has been employed has a significant zero point and the ratio between two numbers meaningful. So they are ratio level of measurement.