{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chap001 - Chapter 1 An Introduction to Business Statistics...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1: An Introduction to Business Statistics CHAPTER 1—An Introduction to Business Statistics 1.1 A population is a set of existing units. 1.2 Any characteristic of a population unit is called a variable. Quantitative: values on the real number line. Qualitative: record unit into categories. 1.3 a. Quantitative; dollar amounts correspond to values on the real number line. b. Quantitative; net profit is a dollar amount. c. Qualitative; stocks are defined in categories. d. Quantitative; national debt is a dollar amount. e. Qualitative; media is categorized into radio, television, or print. 1.4 Census: examine all of the population measurements. Sample: subset of the units in a population. 1.5 a. Descriptive statistics: science of describing the important aspects of a set of measurements. b. Statistical inference: science of using a sample of measurements to make generalizations about the important aspects of a population of measurements. c. Random sample: selected in a manner so that on each selection from the population every unit remaining in the population on that selection has the same chance of being chosen. d. Systematic sample: select every n th unit of a population. 1.6 Choosing the sample without replacement guarantees that all of the units in the sample will be different units. 1.7 From Table 1.1 (starting in the upper left-hand corner) we obtain the following 2-digit random numbers: 33 03 92 85 08 51 60 94 58 09 14 74 24 87 07 Crossing out numbers greater than 22 (because there are only 22 companies), the sample consists of firms 03, 08, 09, 14, and 07. That is: 03 Cadbury-Schweppes 09 Hormel Foods 07 Adolph Coors 14 Phillip Morris Cos 08 Hershey Foods 1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern