...Chapter 1 Problem 1.2 A. The dollar amount on an accounts receivable invoice. B. The net profit for a company in 2009. D. The national debt of the United States in 2009. These three A, B, and D are quantitive variables because they are considered numerical variables. C. The stock exchange on which a company’s stock is traded. E. The advertising medium (radio, television, or print) used to promote a product. These two C and E are qualitative variables because they are catergorized. Problem 1.17 Qualitative Variable Categories Statistics Course Letter Grade A B C D F Door Choice on Let’s Make a Deal Door #1 Door #2 Television Show Classifications TV-G TV-PG TV-14 TV-MA Personal Computer Ownership Yes No Restaurant Rating ***** **** *** ** * Income Tax Filing Status Married Filing Jointly Married Filing Separately Single Head of Household Qualifying Widow(er) Statistics Course Letter Grade has A, B, C, D, F as rankings so it would be ORDINAL. Door Choice on Let’s Make a Deal are catergorized so it would be NOMINATIVE. Television Show Classifications are also categorized and is NOMINATIVE. Personal Computer Ownership is NOMINATIVE since it’s a category. Restaurant Rating like Course Grades are rankings so it is ORDINAL. Income Tax Filing Status puts you in categories to it is NOMINATIVE. Chapter 3 Problem 3.3 1 3 5 5 7 8 8 8 8 8 8 9 9 9 9 9 10 10 10 10 Min: 1 Max: 10...
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...Gas Prices – Final Paper BUS308: Statistics for Managers Professor Student Name Date As a manager of a delivery service, it is important to observe the changes in the cost of gas. This information is significant because it determines whether the price of our product increases or decreases for the year. I recorded the annual average mean of gas prices between the years of 1982 to 2011. To get the mean I used the formula (=average(numbers in cells)), I calculated the expected value by multiplying the slope by the year and subtracting the intercept amount, and the residual amount was calculated by subtracting the annual mean by the expected value. The United States saw a noticeable uptick in the price of gas from 1976-1983, thanks to the situation in Iran. Gas prices have always been in an up and down rollercoaster according to our data the average mean of gas in 1982 was 1.296. From 1982 to 1983 gas prices went down because of another crisis the United States was dealing with. From the years 1984-1992 this period of time includes the Gulf War and the recession that followed shortly after: In 1986 the gas price went as low as 0.927 this came as a result of reduced demand and overproduction, which resulted in the short-term loss of OPEC unity. In the years 1993 – 2000 the United States was in an Economic boom. The gas prices remained average during this period until the year 2000...
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...Statistics Darrell Washington BUS308: Statistics for Managers Instructor: Gary Withers November 23, 2015 Statistics Introduction Data analysis is done to convert the raw data into meaningful information. Statistics is all about this data analysis. Before actually working on data analysis in real world, it is important that the basic knowledge is possessed by everybody involved in this process. The following paper seeks to provide basic knowledge in some specific areas of statistical data analysis. Descriptive statistics As the name suggests, descriptive statistics means analysis of data to describe or summarize data in a meaningful manner. The analysis helps in determination of patterns that exist in the data. Descriptive statistics simply describes the data but not present an analysis beyond the data. One cannot make any conclusions about any hypothesis using this. The data, when presented to users, is difficult to comprehend in its raw form. Sometimes the sheer size and volume of data may render it impossible to understand what it represents. Descriptive statistics helps in proper presentation of data such that it can be understood and analyzed by the user. For example, if we had the data about the returns from stocks of 100 companies, then that data would make no sense as it would be difficult to comprehend. But if that data is arranges, classified industry-wise, an average is calculated for each industry and for all the stocks, and then the interpretation would...
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...Statistics: Highly Informative Latosha Greer BUS308: Statistics for Managers Instructor Hayes June 1, 2014 In this essay I am aim to discuss the differences between descriptive statistics and Inferential statistics and the reasons why we use them. I will also discuss hypothesis development and testing, when to select the appropriate statistical test, and how to evaluating statistical results. In this class I learned the difference between descriptive statistics and inferential statistics. We use descriptive statistics to measure and analysis data. There are a number of reasons why we use Descriptive statistics. We use it, because Descriptive statistics numerical summaries measure the central tendency of a data set, it can include graphical summaries that show the spread of the data, and they provide simple summaries about the sample that help interpret and analyze data. First, there are a number of reasons why we use descriptive statistics we use it because descriptive statistics numerical summaries that either measure the central tendency of a data set. In business therefore descriptive statistics helps in making conclusions about various issues and therefore helps in making decision. Description statistics is the first step in analyzing data before making inferences of data, therefore it is important in analyzing any data collected that will help in describing the characteristics of data collected. There are three measurements that we tend to use. One measurement...
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