Essay on Applied Statistics in Business and Economics Ch 1

959 Words Feb 15th, 2012 4 Pages
Chapter 1 1. Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. TRUE 2. Inferential statistics refers to generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, and making decisions. TRUE 3. Descriptive statistics refers to summarizing data rather than generalizing about the population.
FALSE
4. Estimating parameters and testing hypotheses are important aspects of descriptive statistics. FALSE 5. Inconsistent treatment of data by a researcher is a symptom of poor survey or research design. FALSE 6. Empirical data are collected through observations and/or experiments. TRUE 7. Business intelligence refers to
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Statistical data analysis can often distinguish between real vs. perceived ethical issues.
TRUE
20. Excel has limited use in business because advanced statistical software is widely available.
FALSE
21. Statistics helps surmount language barriers to solve problems in multinational businesses.
TRUE
22. Statistics can help you handle either too little or too much information.
TRUE
23. Predicting a presidential candidate's percent of the statewide vote from a sample of 800 voters would be an example of inferential statistics.
TRUE
24. An example of descriptive statistics would be reporting the percent of students in your accounting class that attended the review session for the last exam.
TRUE
25. "Bob must be rich. He's a lawyer, and lawyers make lots of money." This statement best illustrates which fallacy? 1) Generalizing from an average to an individualD 26. Which is not an ethical obligation of a statistician? Explain. 2) To support client wishes in drawing conclusions from data C 27. Which of the following statements is not true? 3) 28. Which is least likely to be an application where statistics will be useful? 4) Choosing the wording of a corporate policy prohibiting smoking D 29. Because 25% of the students in my morning statistics class watch 8 or more hours of television a week, I conclude that 25% of all students at the University watch 8 or more hours of television a week.

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