Statistics CH.1

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Statistics CH.1
2012-09-13 18:39:11
statistics business college tables data distribution Chebyshev’s Theorem weighted mean arithmetic Empirical Rule sample population geometric standard deviation grouped

Statistics 101 (Econ 2040) Instructor: Dr. Achintya Ray at Tennessee State University
Show Answers:

  1. List the ways that statics are used.
    1. To make decisions in business
  2. 2. To organize, analyze, transform
    data, and to present the information
  3. What is the differences between descriptive and inferential statistics?
    • Descriptive is for organizing,
    • summarizing, and presenting data.

    Inferential is a decision,estimate, prediction, or generalization about a population based on a sample .
  4. What is the difference between a sample and a population?
    Population is all of the possible individuals or objects.

    Sample is a smaller portion of the population.
  5. What is the difference between qualitative and quantitative variables?
    Qualitative is non-numerical and Quantitative is numerical
  6. What are the differences between discrete and continuous variables?
    • Discrete can only assume certain values.
    • i.e. Number of rooms in a house or number of hammers at the Home Depot.

    • Continuous can assume any value within a specified range.
    • i.e. tire pressure, temperature, body weight…
  7. Name the levels of measurement in data.
    Nominal Level- cannot be arranged and has no value (eye color survey)

    Ordinal Level- can be arranged but the differences have no value or are meaningless(soda taste test)

    Interval Level - can be arranged and differences between data values are meaningful. There is no natural zero point. (temperature)

    Ratio Level - same as interval except has an inherent zero starting point (milesdriven daily)