Quantitative Techniques in Business Introduction to Statistics In the business world, and in fact, in practically every aspect of daily living, quantitative techniques are used to assist in decision making. Why? Unlike the classroom, in the “real world” there is often not enough information available to be guaranteed of making a correct decision. For instance, if advertisers would like to know how many households in the United States with televisions are tuned to a particular television show
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CHAPTER 3 Describing Data: Numerical Multiple-Choice Questions 1. A scatter plot can illustrate all of the following except: A) The median of each of the variables. B) The range of each of the variables. C) An indication of outliers. D) Patterns of values. ANSWER: A 2. For the following scatter plot, what would be your best estimate of the correlation coefficient? A) -0.8 B) -1.0 C) -0.3 D) 0.0 ANSWER:
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variable Gender: Median 2 Mode 2 You can conclude that since the data of variable gender is a qualitative data, the mean therefore cannot be a measure of central tendency. For variable Intrinsic job satisfaction score: Mean 5.32 Mode 5.2 Median 5.3 The data of the variable intrinsic job satisfaction score is recorded in a scale. The Mean, Median and Mode are the good measures of the central tendency. The mean satisfaction score is 5.32 with mode as 5.2 and Median, 5.3. It indicates
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change sales. 2. Statistics: The science of collecting, organizing, and analyzing data. Descriptive Statistics - Finding The Skew 16,15,18,118 [pic] [pic] [pic] [pic] [pic] Median=15,16,18,118 [pic] [pic] Median=17 Since the mean is greater than the median, the data set is “negatively skewed.” 3. Statistics is quite important in business decision making, because the collection of raw data and organizing the data is a prerequisite to presenting statistics
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HONORS STATISTICS CH1 In an observational study, researchers simply observe characteristics and take measurements, as in a sample survey. In a designed experiment, researchers impose treatments and controls and then observe characteristics and take measurements. Data from a sample of citizens of a certain country yielded the following estimates of average TV viewing time per month for all the citizens. Answer: Inferential, because the statistics are used to make inference about the
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organizing, analyzing and interpreting numerical information. -A means to answer research questions (and to test hypothesis). -No scientific proof: make plausible through empirical data with an empirical observed result. Shape and skewness: Negatively skewed: mean < median Symmetry: mean = median Positively skewed: mean > median Mode = the score that occurs most frequently. Median = middle score when scores are ranked in order. Mean = the average score, the media. Interpreting the standard deviation:
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appropriate? Sample size, Median and Standard Deviation were used to describe the length of labor in the experimental group and Population, Median, and Standard Deviation were used to describe length of labor in the control group. Because length of labor is considered an interval level of measurement, using these statistics were appropriate. 3. What other statistic could have been used to describe the length of labor? Provide a rationale for your answer. I believe mean could have been used to
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values 3, 5, 8, 12, and 20 and then divide by the number of values, the result is 9.6. Which term best describes this value: average, mean, median, mode, or standard deviation? 4. What is the range of the values 2.0, 3.7, 4.9, 5.0, 5.7, 6.7, 8.5, and 9.0? What is the mean? Total/Quantity of values = 45.5/8 = 5.6875, which equates to 5.69 when rounded What is the mode? 2.0, 3.7, 5.0, 5.7, 6.7, 8.5, and 9.0
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independent variables will have the same or no effect on the dependent variable. The alternate statement is that at least one of the independent variables will have an effect on the dependent variable. I have applied a 95% confidence level, which means I am 95% sure that I will be able to show that at least one of the independent variables will have an effect on the GPA. Variable Identification My dependent variable is the students’ GPA. I chose GPA as my dependent variable because it relies on
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Assessment 1 – Question and Answer 1. How would you use the following statistical analysis techniques to analyses market trends? a Conversion rate of leads to sales The conversion rate of leads to sales is very common way of measuring marketing performance. The mail advantage of this measuring is to track customer numbers and receipts, to gather data automatically. Sales conversion is also a good place to begin discussion of statistical analysis and its application. This measure is perhaps the
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