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Solutions-Tutorial-1

# Solutions-Tutorial-1 - AB103 Statistical and Quantitative...

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AB103 – Statistical and Quantitative Methods Solutions - Tutorial 1 Chapter 1 (MBS) 1.2 Descriptive statistics utilizes numerical and graphical methods to look for patterns, to summarize, and to present the information in a set of data. Inferential statistics utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data. 1.8 A population is a set of existing units such as people, objects, transactions, or events. A sample is a subset of the units of a population. 1.10 An inference without a measure of reliability is nothing more than a guess. A measure of reliability separates statistical inference from fortune telling or guessing. Reliability gives a measure of how confident one is that the inference is correct. 1.26 a. The population of interest is the set of all New York accounting firms employing two or more professionals. There are two variables of interest: Whether or not the firm uses audit sampling methods, and if so, whether or not it uses random sampling. The sample is the set of 163 firms whose responses were useable. The inference of interest to the New York Society of CPAs is the proportion of all New York accounting firms employing two or more professionals that use sampling methods in auditing their clients. b. The four responses that were unusable could have been returned blank or could have been filled out incorrectly. c. Any time a survey is mailed it is questionable whether the returned questionnaires represent a random sample. Often times, only those with very strong opinions return the surveys. In such a case, the returned surveys would not be representative of the entire population.

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2.4 a. The variable summarized in the table is ‘Reason for requesting the installation of the passenger-side on-off switch.’ The values this variable could assume are: Infant, Child, Medical, Infant & Medical, Child & Medical, Infant & Child, and Infant & Child & Medical. Since the responses can only be classified into one of seven categories, the variable is qualitative. b. The relative frequencies are found by dividing the number of requests for each category by the total number of requests. For the category ‘Infant’, the relative frequency is 1,852/30,337 = .061. The rest of the relative frequencies are found in the table below: c. A pie chart of the data is
d. There are 4 categories where Medical is mentioned as a reason: Medical, Infant & Medical, Child & Medical, and Infant & Child & Medical. The sum of the frequencies for these 4 categories is 8,377 + 44 + 903 + 135 = 9,459. The proportion listing Medical as one of the reasons is 9,459/30,337 = .312.

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Solutions-Tutorial-1 - AB103 Statistical and Quantitative...

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