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CHAPTER ONE
DATA AND STATISTICS
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MULTIPLE CHOICE QUESTIONS
1. A survey to collect data on the entire population is
a. a census
b. a sample
c. a population
(1. an inference
Answer: a
2. In Excel, a worksheet that displays the da
Chapter 01 - An Introduction to Business Statistics
Chapter 01
An Introduction to Business Statistics
True / False Questions
1. A population is a set of existing units.
True False
2. If we examine some of the population measurements, we are conducting a c
Q:The mean of Exam 1 is 80%. The variance is 25. How many students of my IS310 class of 200
students have scores between 70% and 90%, assuming that the distribution is bell-shaped?
Soln:Variance = 25
Standard Deviation (s) = Sqrt(variance) = sqrt(25) = 5
5/21/2013
by Thang N. Nguyen
GRT 2012
Chapter 0
Core Concepts and Techniques
1
Chapter
0
Chapter 0: Core Concepts and Techniques
M1: Descriptive
statistics
Chapters 1 and
2
M2: Probability
foundation
Chapters 3, 4 and
5
Connection
between
descriptive and
Two axioms:
Axiom 1: 0 P(x) 1 and Axiom 2: P(x) = 1
a. Experiment with a coin: a fair coin when being tossed has two outcomes:
H and T. Probability of H occurrence or P(H) = and probability of T
occurrence, i.e. P(T) = , thus they satisfy two axioms of pr
PROBLEM
1. The average price of cell phones manufactured by Ahmadi, Inc. is $98 with a standard deviation of
$12. Furthermore, it is known that the prices of the cell phones manufactured by Ahmadi are normally
distributed.
a. What percentage of cell phone
PROBLEM
1. Thirty-two percent of the students in a management class are graduate students. A random sample of 5
students is selected. Using the binomial probability function, determine the probability that the
sample contains exactly 2 graduate students?
02.3.2: Deterministic and Probabilistic Data in Population and
Samples
We are leaving the domain of data where they are readily available,
such as those collected from transaction-processing systems or
surveys. These data are considered deterministic (how