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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(Prerequisite: MAT 104) COURSE DESCRIPTION This course examines the principles of probability and of descriptive and inferential statistics. Topics include probability concepts, measures of central tendency, normal distributions, and sampling techniques. The application of these principles to simple hypothesis testing methods and to confidence intervals is also covered. The application of these topics in solving problems encountered in personal and professional settings is also discussed. INSTRUCTIONAL
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(Portney &ump; Watkins, 2009). Frequency distribution is a method used in descriptive statistics to arrange the values of one or multiple variables in a sample, so it will summarize the distribution of values in a sample. Frequency distribution is the most basic and frequently used method in statistics because it creates organized tables of data which can be used later to calculate averages or measure variability. The organized data frequency distribution provides continuous data that is easier to
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Institute of Management Sciences Peshawar Bachelors in Business Studies Course Plan Course Title: Statistics for Business Instructor: Shahid Ali Contact Email shahid.ali@imsciences.edu.pk Semester/Duration: 16 Weeks Course objectives : To introduce students to the concepts of statistics and to equip them with analytical tools to be used in business decision making. The course is intended to polish the numeric ability of the students to identify
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horizontal bars.) The shapes of the distributions look like bell curves and also show normal distribution. b. What do the shapes of the two graphs indicate about the distribution of beak depth measurements in these two groups of medium ground finches? The shapes of the two graphs indicate that there is variability in the beak depth trait among the birds and that most birds have beak depth measurements that arrive right around the mean. 2. Compare the distribution of beak depths between survivors and
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The sample standard deviation S may be used in place of σ in the large sample confidence interval for N provided that n is at least _____________ . Consider a large population with a mean of 150 and a standard deviation of 27. A random sample of size 36 is taken from this population. The standard error of the sampling distribution of sample mean is equal to: | | 4.17 | | | 5.20 | | | 4.50 | | | 5.56 | Which of the following is NOT true for the t distribution ? | | Its
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COMM 291 Midterm Review Package Prepared by Angelica Cabrera 1. INTRODUCTION TO DATA AND VARIABLES Categorical vs. Quantitative Data Categorical Limited number – distinct categories No Quantitative Large number Yes Possible values for variable Measurement units? EXAMPLE. Which variables are quantitative and which are categorical? Employee # Age (years) Annual Income (in Performance 1,000s of dollars) Rating (1-5 scale) 5543 48 50 – 100 4.5 2431 34 20 – 49 3.9 7281 31 0 – 19 3.4 Job
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Interval data: Real numbers, i.e. heights, weights, prices Box plot -Values are real numbers Outliers: -All calculations are valid less than 25th Percentile-Data may be treated as ordinal or nominal 1.5*interquatile Ordinal Data: order poor = 1, fair = 2, good = 3, very good = 4 or -Values must represent the ranked order of the data. Larger than 75th -Calculations based on an ordering process are valid. Percentile+1.5*interquatile -Data may be treated as nominal but not as interval. Nominal Data:
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in each box. A sample of boxes results in the following table. 14 15 16 17 Weight in Ounces Probability 0.10 0.30 0.40 0.20 5) What is the mean weight of the sample of cereal boxes? A) 16.0 B) 15.7 C) 15.5 D) 16.5 D) 1.25 6) What is the standard deviation of the weight of cereal in the boxes? A) 1.19 B) 0.90 C) 0.81 THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: In an office of 18 people, there are 7 men and 11 women. A sub-committee of four people will be formed from this
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Problem 1 A random sample of 16 adult males is about to get into an elevator which has a weight capacity of 2900 lbs. The adult male weight follows the normal distribution with a mean of 170 lbs and a standard deviation of 15 lbs. (a) What is the probability that the total weight for this sample of 16 adult males will exceed 2900 lbs? Hint: This is the same as calculating the probability that the average weight for a random sample of 16 exceeds 2900/16. (b) Will the probability
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