L
ESSENTIALSVOFVMODERNVBUSINESSVSTATISTICSVWITH
VMICROSOFTVEXCEL
,Chapter 1 V
Data and Statistics
V V
LearningVObjectives
1. ObtainVanVappreciationVforVtheVbreadthVofVstatisticalVapplicationsVinVbusinessVandVeconomics.
2. UnderstandVtheVmeaningVofVtheVtermsVelements,Vvariables,VandVobservationsVasVtheyV
areVusedVinVstatistics.
3. ObtainVanVunderstandingVofVtheVdifferenceVbetweenVcategorical,Vquantitative,Vcrosse
ctionalVandVtimeVseriesVdata.
4. LearnVaboutVtheVsourcesVofVdataVforVstatisticalVanalysisVbothVinternalVandVexternalVtoVtheVfirm.
5. BeVawareVofVhowVerrorsVcanVariseVinVdata.
6. KnowVtheVmeaningVofVdescriptiveVstatisticsVandVstatisticalVinference.
7. BeVableVtoVdistinguishVbetweenVaVpopulationVandVaVsample.
8. UnderstandVtheVroleVaVsampleVplaysVinVmakingVstatisticalVinferencesVaboutVtheVpopulation.
,9. KnowVtheVmeaningVofVtheVtermVdataVmining.
10. BeVawareVofVethicalVguidelinesVforVstatisticalVpractice.
Solutions:
1. StatisticsVcanVbeVreferredVtoVasVnumericalVfacts.VInVaVbroaderVsense,VstatisticsVisVt
heVfieldVofVstudyVdealingVwithVtheVcollection,Vanalysis,VpresentationVandVinterpretat
ionVofVdata.
2. a. TheVtenVelementsVareVtheVtenVtabletVcomputers
b. 5Vvariables:V CostV($),VOperatingVSystem,VDisplayVSizeV(inches),VBatteryVLifeV(hours),
CPUVManufacturer
c. CategoricalVvariables:V OperatingVSystemVandVCPUVManufacturer
QuantitativeVvariables:V CostV($),VDisplayVSizeV(inches),VandVBatteryVLifeV(hours)
d.
Variable
Mea
surement
VScale
CostV($) Ratio
OperatingVSystem Nominal
DisplayVSiz Ratio
eV(inches)
BatteryVLifeV(hours) Ratio
CPUVManufacturer Nominal
3. a. AverageVcostV=V5829/10V=V$582.90
, b. AverageVcostVwithVaVWindowsVoperatingVsystemV=V3616/5V=V$723.20