MBA 513 - Module 1 Chapter 1
Which of the following best describes the role of a statistician in working with data?
The statistician should strive to present his analysis with clarity, honesty, and integrity
True or False: Statistics knowledge is necessary to successfully use business analytics.
True
True or false: The primary purpose of statistics is to present numerical data.
False. Statistics is about collecting and processing information to provide a basis for decision making
Identify all of the following items which are qualitative variables
- A person's favorite food type - The colors in a package of M&M's - The species of trees in a park
Which of the following are examples of descriptive statistics?
- Creating a pie char to show majors of students in your business statistics class - Calculating summary measures of the prices of houses sold in Las Vegas in January
Which of the following are example of inferential statistics?
- Estimating the average weight in a box of apples by measuring the weight of five apples - Counting the blue candies in a package of M&M's as a way to estimate the proportion of blue candies in all packages
Which of the following represent statistical information?
- 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 - The median income in Wasau County is $40,578 per year
Which of the following are the four levels of measurement possible for data?
- Ordinal-level - Ratio-level - Nominal-level - Interval level
Which of the following examples are statistics?
- The median price of a house in Detroit - Yesterday's share price for Proctor and Gamble stocks - The number of home runs in last year's World Series
Identify all of the following items which are quantitative variables
- The miles per gallon for a particular model of car - The weight of a Siamese cat
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
Which of the following are properties of ratio-level data?
- The ratio between two measures is meaningful - The zero point of the data is meaningful - It has all the properties of interval-level data
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 variables is recorded at the interval level of measurement?
A man's shoe size
Which one of the following is a population in the statistical sense?
All of the automobiles sold in Canada n 2016
Which of the following represents data recorded at the nominal level?
Brand of newly purchased TV
Which of the following is NOT part of the science of statistics?
Choosing data that supports your conclusion
What is inferential statistics?
Methods of estimating a property of a population based on a sample.
What level of data is represented by the genres of music played by different radio stations?
Nominal
Which level of data gives the most information about the observation?
Ratio
Which of the following variables is recorded at the ratio level of measurement?
Salaries of business school graduates
Identify which one of the following is a 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
Which of the following best describes interval-level data?
The distance between values is a known unit of measure
Which of the following is the best definition of a statistical population?
The entire set of individuals, objects, or measurements of interest
The two categories of statistical study are:
descriptive statistics and inferential statistics
Which of the following are examples of how organizations use statistics?
- Google uses search engine data records to prioritize results for future searches - Retailers use product purchase data to manage the distribution of products and make marketing and sales decisions
Which of the following are attributes of a continuous quantitative variable?
- It is typically the result of measuring something - It can take on any value within a range of values - There are no required gaps between values
What are the two types of quantitative variables?
Discrete and Continuous
True or 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
The nominal level of data describes what type of information?
Observations of a qualitative variable that can only be classified and counted
How has technology increased the need for statistical analysis?
Vast amounts of data are collected, and understanding it requires statistical knowledge
Which of the following is the best definition of a statistical sample?
A portion, or part of the population of interest