TEST BANK
Essentials of Modern Business Statistics with Microsoft Excel, by Anderson
8th Edition
TEST BANK
,Chapter 1
Data and Statistics
Learning Objectives
1. Obtain an appreciation for the breadth of statistical applications in business
and economics.
2. Understand the meaning of the terms elements, variables, and
observations as they are used in statistics.
3. Obtain an understanding of the difference between categorical,
quantitative, cross-sectional, and time series data.
4. Learn about the sources of data for statistical analysis both internal and
external to the firm.
5. Be aware of how errors can arise in data.
6. Know the meaning of descriptive statistics and statistical inference.
7. Be able to distinguish between a population and a sample.
8. Understand the role a sample plays in making statistical inferences about the
population.
9. Know the meaning of the terms analytics, big data and data mining.
10. Be aware of ethical guidelines for statistical practice.
,
, Solutions:
1. Statistics can be referred to as numerical facts. In a broader sense,
statistics is the field of study dealing with the collection, analysis,
presentation, and interpretation of data.
2. a. The ten elements are the ten tablet computers.
b. Five variables: Cost ($), Operating System, Display Size (inches),
Battery Life (hours), CPU Manufacturer
c. Categorical variables: Operating System and CPU Manufacturer
Quantitative variables: Cost ($), Display Size (inches), and Battery Life (hours)
d.
Variable Measurement
Scale
Cost ($) Ratio
Operating Nominal
System
Display Size Ratio
(inches)
Battery Life Ratio
(hours)
CPU Nominal
Manufacturer
3. a. Average cost = 5829/10 = $582.90
b. Average cost with a Windows operating system
= 3616/5 = $723.20 Average cost with an
Android operating system = 1714/4 = $428.5
The average cost with a Windows operating
system is much higher.
c. 2 of 10 or 20% use a CPU manufactured by TI OMAP.
d. 4 of 10 or 40% use an Android operating system.
4. a. There are eight elements in this data set; each element corresponds
4-2
Essentials of Modern Business Statistics with Microsoft Excel, by Anderson
8th Edition
TEST BANK
,Chapter 1
Data and Statistics
Learning Objectives
1. Obtain an appreciation for the breadth of statistical applications in business
and economics.
2. Understand the meaning of the terms elements, variables, and
observations as they are used in statistics.
3. Obtain an understanding of the difference between categorical,
quantitative, cross-sectional, and time series data.
4. Learn about the sources of data for statistical analysis both internal and
external to the firm.
5. Be aware of how errors can arise in data.
6. Know the meaning of descriptive statistics and statistical inference.
7. Be able to distinguish between a population and a sample.
8. Understand the role a sample plays in making statistical inferences about the
population.
9. Know the meaning of the terms analytics, big data and data mining.
10. Be aware of ethical guidelines for statistical practice.
,
, Solutions:
1. Statistics can be referred to as numerical facts. In a broader sense,
statistics is the field of study dealing with the collection, analysis,
presentation, and interpretation of data.
2. a. The ten elements are the ten tablet computers.
b. Five variables: Cost ($), Operating System, Display Size (inches),
Battery Life (hours), CPU Manufacturer
c. Categorical variables: Operating System and CPU Manufacturer
Quantitative variables: Cost ($), Display Size (inches), and Battery Life (hours)
d.
Variable Measurement
Scale
Cost ($) Ratio
Operating Nominal
System
Display Size Ratio
(inches)
Battery Life Ratio
(hours)
CPU Nominal
Manufacturer
3. a. Average cost = 5829/10 = $582.90
b. Average cost with a Windows operating system
= 3616/5 = $723.20 Average cost with an
Android operating system = 1714/4 = $428.5
The average cost with a Windows operating
system is much higher.
c. 2 of 10 or 20% use a CPU manufactured by TI OMAP.
d. 4 of 10 or 40% use an Android operating system.
4. a. There are eight elements in this data set; each element corresponds
4-2
