Essentials of Statistics

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CHAPTER 1— An Introduction to Business Statistics 1.1 Any characteristic of a population unit is called a variable.
Quantitative: values on the real number line.
Qualitative: record unit into categories. LO1, LO2 1.2 a. Quantitative; dollar amounts correspond to values on the real number line. b. Quantitative; net profit is a dollar amount. c. Qualitative; which stock exchange is a category. d. Quantitative; national debt is a dollar amount. e. Qualitative; media is categorized into radio, television, or print. LO2 1.3 Cross sectional data are collected at approximately the same point in time whereas time series data are collected over different time periods. The total number of cars sold in 2009 by 10 different sales people are cross sectional data. The total number of cars sold by a particular sales person for the years 2005 – 2009 are time series data. LO3 1.4 The response variable is whether or not the person has cancer. The factors or independent variables are age, sex, occupation, and number of cigarettes smoked per day. This is an observational study. LO5 1.5 $398,000 LO1 1.6 Diamond: Lake Lot $494,000 Rudy: Lake Lot $447,000 LO1

1.7 This chart shows sales are increasing over time. LO4 1.8 A population is a set of existing units.
Consumers utilizing a particular product. LO6 1.9 Census: examine all of the population units.
Sample: subset of the units in a population. LO6 1.10 Descriptive statistics: science of describing the important aspects of a set of measurements. Statistical inference: science of using a sample of measurements to make generalizations about the important aspects of a population of measurements. LO7 1.11 A process is a series of operations that take input(s) and generate output(s). LO6 1.12 Most of the scores would fall between 36 and 48…...

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