Expert answer:Statistics in Business
Solved by verified expert:Purpose of Assignment The purpose of this assignment is to have students demonstrate mastery of the foundational concepts that set the stage for the remainder of the course. Students apply those concepts to business research questions or problem situations to focus their thinking on statistical literacy for use in business decision-making. Assignment Steps Resources: Week 1 Readings; Statistics Lab Tutorial help on Excel® and Word functions can be found on the Microsoft® Office® website. There are also additional tutorials via the web that offer support for office products. Develop a 1,050-word response addressing each of the following prompts: Define statistics with citation and reference.Contrast quantitative data and qualitative data. Use two peer reviewed references.Evaluate tables and charts used to represent quantitative and qualitative data.Describe the levels of data measurement.Describe the role of statistics in business decision-making.Provide at least two business research questions, or problem situations, in which statistics was used or could be used.Use two peer reviewed references. Format your assignment consistent with APA guidelines.
qnt275r6_wk1_gg_statistics_in_business_instructions.doc
1._week_1_slides.pptx
Unformatted Attachment Preview
Individual Assignment: Statistics in Business Instructions
Purpose of Assignment
The purpose of this assignment is to have students demonstrate mastery of the foundational concepts that set the
stage for the remainder of the course. Students apply those concepts to business research questions or problem
situations to focus their thinking on statistical literacy for use in business decision-making.
Resources Required
Week 1 readings; Statistics Lab
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office® website. There are also
additional tutorials via the web that offer support for office products.
Grading Guide
Content
Met
Partially
Met
Not Met
Total
Available
Total
Earned
4
#/4
Partially
Met
Not
Met
Comments:
Defined statistics with citation and reference.
Contrasted quantitative data and
qualitative data.
Evaluated tables and charts used to
represent quantitative and qualitative
data.
Described the levels of data measurement.
Described the role of statistics in business
decision-making.
Provided at least two business research
questions, or problem situations, in which
statistics was used or could be used.
Used two peer reviewed references.
The paper is 1,050 words in length.
Writing Guidelines
Met
Comments:
Statistics in Business Instructions
Grading Guide
QNT/275 Version 6
Organization
The tone is appropriate to the content and
assignment.
The introduction provides a sufficient
background on the topic and previews major
points.
Paragraph transitions are present, logical, and
maintain the flow throughout the paper.
The conclusion is logical, flows from the body
of the paper, and reviews the major points.
Mechanics
The paper—including tables and graphs,
headings, title page, and reference page—is
consistent with APA formatting guidelines and
meets course-level requirements.
Intellectual property is recognized with in-text
citations and a reference page.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed
including spelling and punctuation.
Assignment Total
Additional comments:
#
Total
Available
Total
Earned
1
#/1
5
#/5
2
1.1 Statistics and Types of Statistics
Definition
Statistics is the science of collecting,
analyzing, presenting, and
interpreting data, as well as of making
decisions based on such analyses.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Types of Statistics: Descriptive Statistics
Definition
Descriptive Statistics consists of
methods for organizing, displaying,
and describing data by using tables,
graphs, and summary measures.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Case Study 1-1 Lobbying Spending by Selected Companies
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Case Study 1-2 American’s Life Outlook 2014
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Types of Statistics: Inferential Statistics
Definition
Inferential Statistics consists of
methods that use sample results to
help make decisions or predictions
about a population.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
1.2 Basic Terms
Definition
An element or member of a sample
or population is a specific subject or
object (for example, a person, firm,
item, state, or country) about which
the information is collected.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Basic Terms
Definition
A variable is a characteristic under
study that assumes different values
for different elements. In contrast to
a variable, the value of a constant
is fixed.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Basic Terms
Definition
The value of a variable for an element
is called an observation or
measurement.
A data set is a collection of
observations on one or more
variables.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Table 1.1 Total Wealth of the World’s Eight Richest Persons
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
1.3 Types of Variables
Quantitative
Variables
Discrete Variables
Continuous Variables
Qualitative
or Categorical Variables
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Quantitative Variables
Definition
A variable that can be measured
numerically is called a quantitative
variable. The data collected on a
quantitative variable are called
quantitative data.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Levels of Measurement
Nominal
Ordinal
interval
Ratio
11-12
Classification
Types of Scales
Nominal
Ordinal
interval
Ratio
11-13
Nominal Scales
Mutually
exclusive
and
Collectively
exhaustive
categories
Exhibits only
classification
11-14
Levels of Measurement
Nominal
Ordinal
interval
Ratio
11-15
Classification
Classification
Order
Ordinal Scales
Characteristics of
nominal scale
•Order
•Implies greater
than or less than
•
11-16
Levels of Measurement
Nominal
Ordinal
Classification
Order
interval
Classification
Order
Ratio
11-17
Classification
Distance
Interval Scales
Characteristics
of nominal and
ordinal scales
Equality of
interval.
Equal distance
between numbers
11-18
Levels of Measurement
Nominal
11-19
Classification
Ordinal
Classification
Order
interval
Classification
Order
Distance
Ratio
Classification
Order
Distance
Natural Origin
Quantitative Variables: Discrete
Definition
A variable whose values are
countable is called a discrete
variable. In other words, a discrete
variable can assume only certain
values with no intermediate values.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Quantitative Variables: Continuous
Definition
A variable that can assume any numerical value over a
certain interval or intervals is called a continuous
variable.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Qualitative or Categorical Variable
Definition
A variable that cannot assume a
numerical value but can be classified
into two or more nonnumeric
categories is called a qualitative or
categorical variable. The data
collected on such a variable are called
qualitative data.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 1.1 Types of Variables
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Transition Slide
Example 2-1: Solution
Table 2.4 Frequency Distribution of Favorite Donut Variety
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Relative Frequency and Percentage Distributions
Calculating Relative Frequency of a Category
Frequency of that category
Re lative frequency of a category
Sum of all frequencie s
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Relative Frequency and Percentage Distributions
Calculating Percentage
Percentage = (Relative frequency) · 100%
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-2
Determine the relative frequency and percentage
distributions for the data in Table 2.4.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-2: Solution
Table 2.5 Relative Frequency and Percentage Distributions of
Favorite Donut Variety
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Case Study 2-1 Ideological Composition of the U.S. Public, 2014
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Graphical Presentation of Qualitative Data
Definition
A graph made of bars whose heights represent the
frequencies of respective categories is called a bar graph.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.1 Bar Graph for the Frequency Distribution of Table 2.4
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Graphical Presentation of Qualitative Data
Definition
A Pareto chart is a bar graph with bars arranged by their
heights in descending order. To make a Pareto chart,
arrange the bars according to their heights such that the bar
with the largest height appears first on the left side, and
then subsequent bars are arranged in descending order with
the bar with the smallest height appearing last on the right
side.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.2 Pareto Chart for the Frequency Distribution of Table 2.4
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Case Study 2-2 Millennials’ Views on their Level of Day-to-Day Banking Knowledge
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Graphical Presentation of Qualitative Data
Definition
A circle divided into portions that represent the relative
frequencies or percentages of a population or a sample
belonging to different categories is called a pie chart.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.2 Pie Chart for the Percentage Distribution of Table 2.5.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
2.2 Organizing and Graphing Quantitative Data
Frequency Distributions
Constructing Frequency Distribution Tables
Relative and Percentage Distributions
Graphing Grouped Data
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Table 2.6 Weekly Earnings of 100 Employees of a Company
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Frequency Distributions for Quantitative Data
Definition
A frequency distribution for quantitative data lists all the
classes and the number of values that belong to each class.
Data presented in the form of a frequency distribution are
called grouped data.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Frequency Distributions for Quantitative Data
Finding Class Width
Width of a class = Lower limit of the next class – Lower limit
of the current class
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Frequency Distributions for Quantitative Data
Calculating Class Midpoint or Mark
Lower limit Upper limit
Class midpoint or mark
2
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Constructing Frequency Distribution Table
Calculation of Class Width
Approximate class width
Largest value – Smallest value
Number of classes
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Table 2.7 Class Widths and Class Midpoints for Table 2.6
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-3
The following table gives the value (in million dollars) of each
of the 30 baseball teams as estimated by Forbes magazine
(source: Forbes Magazine, April 13, 2015). Construct a
frequency distribution table.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-3
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-3: Solution
The minimum value is 605, and the maximum value is 3200. Suppose
we decide to group these data using six classes of equal width. Then,
3200 − 605
Approximate with of each class =
= 432.5
6
Now we round this approximate width to a convenient number, say 450.
The lower limit of the first class can be taken as 605 or any number
less than 605. Suppose we take 601 as the lower limit of the first class.
Then our classes will be
601–1050, 1051–1500, 1501–1950, 1951–2400, and 2851–3300
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Table 2.8 Frequency Distribution for the Values of Baseball Teams, 2015
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Relative Frequency and Percentage Distributions
Calculating Relative Frequency and Percentage
Frequency of that class
Relative frequency of a class
Sum of all frequencies
f
f
Percentage (Relative frequency) 100%
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-4
Calculate the relative frequencies and percentages for
Table 2.8.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-4: Solution
Table 2.9 Relative Frequency and Percentage Distribution for the Values of Baseball
Teams
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Graphing Grouped Data
Definition
A histogram is a graph in which classes are marked on the
horizontal axis and the frequencies, relative frequencies, or
percentages are marked on the vertical axis. The frequencies,
relative frequencies, or percentages are represented by the
heights of the bars. In a histogram, the bars are drawn
adjacent to each other.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.4 Frequency Histogram for Table 2.8
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.5 Relative Frequency Histogram for Table 2.9
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Case Study 2-3 Car Insurance Premiums per Year in 50 States
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Graphing Grouped Data
Definition
A graph formed by joining the midpoints of the tops of
successive bars in a histogram with straight lines is called a
polygon.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.6 Frequency Polygon for Table 2.8
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Case Study 2-4 Hours Worked in a Typical Week by Full-Time U.S.
Workers
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.7 Frequency Distribution Curve
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-5
Based on the information collected by American Petroleum
Institute, Table 2.10 lists the total of federal and state taxes (in
cents per gallon) on gasoline for each of the 50 states as of
April 1, 2015 (www.api.org).
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-5
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-5
Construct a frequency distribution table. Calculate the relative
frequencies and percentages for all classes.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-5: Solution
The minimum value in the data set of Table 2.10 is 29.7, and the
maximum value is 70. Suppose we decide to group these data using
five classes of equal width. Then,
=
70 − 29.7
= 8.06
5
We round this to a more convenient number, say 9, and take 9 as the
width of each class. We can take the lower limit of the first class equal
to 29.7 or any number lower than 29.7. If we start the first class at 27,
the classes will be written as 27 to less than 36, 36 to less than 45, and
so on.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Table 2.11 Frequency, Relative Frequency, and Percentage Distributions of the Total
Federal and State Tax on Gasoline
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Case Study 2-5 How Many Cups of Coffee Do You Drink a Day?
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-6
The administration in a large city wanted to know the
distribution of vehicles owned by households in that city. A
sample of 40 randomly selected households from this city
produced the following data on the number of vehicles
owned:
5 1 1 2 0 1 1 2 1 1
1 3 3 0 2 5 1 2 3 4
2 1 2 2 1 2 2 1 1 1
4 2 1 1 2 1 1 4 1 3
Construct a frequency distribution table for these data using
single-valued classes.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-6: Solution
Table 2.12 Frequency Distribution of Vehicles Owned
The observations assume only
six distinct values: 0, 1, 2, 3, 4,
and 5. Each of these six values
is used as a class in the
frequency distribution in Table
2.12.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.8 Bar Graph for Table 2.12
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Cumulative Frequency Distribution
Definition
A cumulative frequency distribution gives the total number
of values that fall below the upper boundary of each class.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-7
Using the frequency distribution of Table 2.8, reproduced
here, prepare a cumulative frequency distribution for the
values of the baseball teams.
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Example 2-7: Solution
Table 2.13 Cumulative Frequency Distribution of Values of Baseball Teams, 2015
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Cumulative Frequency Distributions
Calculating Cumulative Relative Frequency and Cumulative
Percentage
Cumulative relative frequency
Cumulative frequency of a class
Total observatio ns in the data set
Cumulative percentage (Cumulativ e relative frequency) 100
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Table 2.14 Cumulative Relative Frequency and Cumulative Percentage Distributions for
Values of Baseball Teams, 2015
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Shapes of Histograms
1.
2.
3.
Symmetric
Skewed
Uniform or Rectangular
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.9 Symmetric Histograms
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.10 (a) A Histogram Skewed to the Right; (b) A Histogram Skewed to the Left
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.11 A Histogram with Uniform Distribution
Prem Mann, Introductory Statistics, 9/E
Copyright © 2015 John Wiley & Sons. All rights reserved.
Figure 2.12 (a) and (b) Symmetric Frequency Curves; …
Purchase answer to see full
attachment
How it works
- Paste your instructions in the instructions box. You can also attach an instructions file
- Select the writer category, deadline, education level and review the instructions
- Make a payment for the order to be assignment to a writer
- Download the paper after the writer uploads it
Will the writer plagiarize my essay?
You will get a plagiarism-free paper and you can get an originality report upon request.
Is this service safe?
All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades