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ch01 - Chapter 1 Introduction to Statistics LEARNING...

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Chapter 1 Introduction to Statistics LEARNING OBJECTIVES The primary objective of chapter 1 is to introduce you to the world of statistics, enabling you to: 1. Define statistics. 2. Be aware of a wide range of applications of statistics in business. 3. Differentiate between descriptive and inferential statistics. 4. Classify numbers by level of data and understand why doing so is important. CHAPTER OUTLINE 1.1 Statistics in Business Best Way to Market Stress on the Job Financial Decisions How is the Economy Doing? The Impact of Technology at Work 1.2 Basic Statistical Concepts 1.3 Data Measurement Nominal Level Ordinal Level Interval Level Ratio Level Comparison of the Four Levels of Data Statistical Analysis Using the Computer: Excel and MINITAB KEY TERMS census ordinal level data descriptive statistics parameter inferential statistics parametric statistics interval level data population metric data ratio level data nominal level data sample nonmetric data statistic nonparametric statistics statistics 1
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2 Solutions Manual and Study Guide STUDY QUESTIONS 1. A science dealing with the collection, analysis, interpretation, and presentation of numerical data is called _______________. 2. One way to subdivide the field of statistics is into the two branches of ______________ statistics and _____________ statistics. 3. A collection of persons, objects or items of interest is a _______________. 4. Data gathered from a whole population is called a _______________. 5. If a population consists of all the radios produced today in the Akron facility and if a quality control inspector randomly selects forty of the ratios, the group of forty is referred to as _______________. 6. If data are used to reach conclusions only about the group from which the data are gathered, then the statistics are referred to as _______________ statistics.
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