Ch01 - Chapter1 DataandStatistics LearningObjectives 1. 2.

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Chapter 1 Data and Statistics Learning Objectives 1. Obtain an appreciation for the breadth of statistical applications in business and economics. 2. Understand the meaning of the terms elements, variables, and observations as they are used in statistics. 3. Obtain an understanding of the difference between qualitative, quantitative, crossectional and time series data. 4. Learn about the sources of data for statistical analysis both internal and external to the firm. 5. Be aware of how errors can arise in data. 6. Know the meaning of descriptive statistics and statistical inference. 7. Be able to distinguish between a population and a sample. 8. Understand the role a sample plays in making statistical inferences about the population. Solutions: 1 - 1
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1. Statistics can be referred to as numerical facts. In a broader sense, statistics is the field of study dealing with the collection, analysis, presentation and interpretation of data. 2. a. 9 b. 4 c. Country and room rate are qualitative variables; number of rooms and the overall score are quantitative variables. d. Country is nominal; room rate is ordinal; number of rooms is ratio and overall score is interval. 3. a. Average number of rooms = 808/9 = 89.78 or approximately 90 rooms b. Average score = 732.1/9 = 81.3 c. 2 of 9 are located in England; approximately 22% d. 4 of 9 have a room rate of $$; approximately 44% 4. a. 10 b. All brands of minisystems manufactured. c. Average price = 3140/10 = $314 d. $314 5. a. 5 b. Price, CD capacity, and the number of tape decks are quantitative. Sound quality and FM tuning sensitivity and selectivity are qualitative. c. Average CD capacity = 30/10 = 3. d. 7 (100) 70% 10 = e. 4 (100) 40% 10 = 6. Questions a, c, and d provide quantitative data. Questions b and e provide qualitative data. 7. a. Although the data are recorded as numbers, the numbers are codes for the ratings of Fair (1), Average (2), Good (3) and Excellent (4). Thus the variables are qualitative with each data value corresponding to a rating category for the variable. b. The data may also be ranked in order of the quality. A higher number indicates a higher rating on a scale from Fair (1) to Excellent (4). Since the data can be ranked or ordered, the scale of measurement is ordinal. 8.
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This note was uploaded on 09/27/2008 for the course MATH 421 taught by Professor Tang during the Fall '08 term at Bangladesh University of Eng and Tech.

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Ch01 - Chapter1 DataandStatistics LearningObjectives 1. 2.

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