Business stats Chapter 1

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

A man's shoe size.

Quantitative variable

A variable that can be reported numerically

Example of ratio level

The ratio between two measures is meaningful

How has technology increased the need for stats analysis

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

statistical sample

a portion of a target population selected to represent the population in an unbiased way

definition of statistical population

The entire set of individuals, objects or measurements of interest

The distance between values is a known unit of measure

The measure can be ranked in order

examples of quantitative variables

The miles per gallon for a particular model of car The weight of a Siamese cat

Which of the following examples are stats

The number of home runs in last years champ Yesterdays share price of ggg The median price of a house in AZ

Example of nominal level

Brand of newly purchased TV

How does statistics help us understand large amounts of numerical information

A good working knowledge of statistics is useful to organize and summarize information.

Which of the following is a population in the statistical sense

All of the automobiles sold in Canada in 2016

Example that is not part of the science of stats

Choosing data that supports your conclusion

The primary purpose of stats is to represent numerical data

FALSE

descriptive statistics uses the data to make inferences and predictions about a population based on a sample of data taken from the population in question

FALSE

Are attributes of discrete quantitative variable

It can be used to count items It can assume only certain values within a range There are gaps between the values of this variable

What is inferential statistics?

Methods of estimating a property of a population based on a sample.

Nominal level of data describes what type of info

Observations of a quantitative variable where differences between measures are constant

The ages of patients in a local hospital

Ratio

Which level of data gives the most information about the observation

Ratio

Four levels of measurement possible for data

Ratio level Nominal level Ordinal level Interval level

Which of the following are examples of how organizations use statistics

Retailers use product purchase data to manage the distribution of products and make marketing and sales decisions Google uses search engine data records to prioritize results for future searches

Example of statistical sense

Six randomly randomly chosen books from the library Ten apples selected from the store bin contain 100 apples Every eighth person on the class roster

Ordinal level

Someone's ranking of their three favorite foods

Which of the following are reasons to study stats

Stats are used to make personal and professional decisions Stats knowledge is needed to understand the world and be conversant in your career Data is collected everywhere and stats is needed to translate that data into useful info

example of continuous quantitative variable

The average weight of apples in a box at the market

Which one of the following are properties of ordinal level data

The data can be ranked or counted

The two categories of statistical study are

descriptive statistics and inferential statistics

What are the 2 types of quantitative variables

discrete and continuous

What is descriptive statistics?

methods of organizing, summarizing, and presenting data in an informative way