Solution Manual for Essentials of Modern Business Statistics with Microsoft® Excel® by Anderson | Complete Guide

SOLUTIONS MANUA j




L
ESSENTIALSjOFjMODERNjBUSINESSjSTATISTICSjWITH
jMICROSOFTjEXCEL

,Chapter 1 j




Data and Statistics
j j




LearningjObjectives



1. Obtainjanjappreciationjforjthejbreadthjofjstatisticaljapplicationsjinjbusinessjandjeconomics.



2. Understandjthejmeaningjofjthejtermsjelements,jvariables,jandjobservationsjasjtheyjarejusedjinj
statistics.



3. Obtainjanjunderstandingjofjthejdifferencejbetweenjcategorical,jquantitative,jcrossectionalja
ndjtimejseriesjdata.



4. Learnjaboutjthejsourcesjofjdatajforjstatisticaljanalysisjbothjinternaljandjexternaljtojthejfirm.



5. Bejawarejofjhowjerrorsjcanjarisejinjdata.



6. Knowjthejmeaningjofjdescriptivejstatisticsjandjstatisticaljinference.



7. Bejablejtojdistinguishjbetweenjajpopulationjandjajsample.



8. Understandjthejrolejajsamplejplaysjinjmakingjstatisticaljinferencesjaboutjthejpopulation.

,9. Knowjthejmeaningjofjthejtermjdatajmining.



10. Bejawarejofjethicaljguidelinesjforjstatisticaljpractice.




Solutions:



1. Statisticsjcanjbejreferredjtojasjnumericaljfacts.jInjajbroaderjsense,jstatisticsjisjthejfieldjofjstu
dyjdealingjwithjthejcollection,janalysis,jpresentationjandjinterpretationjofjdata.



2. a. Thejtenjelementsjarejthejtenjtabletjcomputers



b. 5jvariables:j Costj($),jOperatingjSystem,jDisplayjSizej(inches),jBatteryjLifej(hours),
CPUjManufacturer



c. Categoricaljvariables:j OperatingjSystemjandjCPUjManufacturer



Quantitativejvariables:j Costj($),jDisplayjSizej(inches),jandjBatteryjLifej(hours)



d.

Variable
Mea
surement
jScale


Costj($) Ratio

OperatingjSystem Nominal

DisplayjSizej Ratio
(inches)

BatteryjLifej(hours) Ratio

CPUjManufacturer Nominal



3. a. Averagejcostj=j5829/10j=j$582.90

, b. AveragejcostjwithjajWindowsjoperatingjsystemj=j3616/5j=j$723.20