Introduction to Business Statistics, 7th Edition Solution Manual

Preview (16 of 796 Pages)

100%

Purchase to unlock

Introduction to Business Statistics, 7th Edition Solution Manual - Page 1 preview image

Loading page ...

1CHAPTER 1A PREVIEW OF BUSINESS STATISTICSSECTION EXERCISES1.1d/p/e In ancient times, statistics was mainly employed for counting people or possessions in order tofacilitate taxation.1.2d/p/m Statistical methods are useful in all facets of business today. Statistics can be used to describeinformation, to analyze data, to reach conclusions, and to make decisions.1.3d/p/m Descriptive statistics are used to summarize and describe a set of data. Inferential statistics areused to make generalizations, estimates, forecasts, or other judgments about the population from whichthe data (sample) is taken. Inferential statistics are involved when a state senator surveys some of herconstituents in order to obtain guidance on how she should vote. She is using statistics to make judgmentsabout the populationbased on the datafrom the sample.1.4d/p/m This represents descriptive statistics; we are summarizing and describing the data.1.5d/p/m This information represents inferential statistics since we are using information collected from asample of 20 adults to make inferences about all adults.1.6d/p/e Qualitative variables or "attributes" involve counting the number of people or objects that fallwithin categories. Quantitative variables determine how much of something is possessed.1.7d/p/e Discrete quantitative variables cantake on onlycertain values along an interval, with the valueshaving gaps between them. Discrete variables are applicable when we want to count the number of timessomething occurs. Continuous quantitative variables can take on any value along an interval. Continuousvariables are applicable when there are no gaps between the exact values which these variables can takeon, such as weight, height, volume, or distance.Note: In this solutions manual, exercises are categorized according to type, tools required, and level ofdifficulty:Type:Tools:Difficulty:d = definitional/conceptualp = pencile = easyc = computationala = calculatorm = moderatep = problemc = computerd = difficultFor example, "c/a/m" refers to an exercise that is computational in nature, requires a pocket calculator,and is judged to be moderate in difficulty. The classifications are of necessity subjective. We haveattempted to specify the most basic tool that could be practical for the task. In some cases (e.g., simpleregression), the pocket calculator can be used even though a computer statistical package (if available)is preferred. In other cases (e.g., multiple regression and analysis of variance), the computer isautomatically specified as the required tool.1.8d/p/m

Preview Mode

This document has 796 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

The Statistics of Inheritance

Estimation and Hypothesis Testing

Two-Sample Hypothesis Tests

Simple Regression Analysis

SPSS Cumulative Assessment Instructions

Inferential Statistics Week 2 Solution

Hypothesis Testing � Comparing Two Groups

Probability and Statistics Assignment

Applying Hypothesis Tests Discussion #8

Research Process and Terminology

Company

Explore

Study Tools