Essentials of Statistics Essay

607 Words Jun 27th, 2012 3 Pages
CHAPTER 1— An Introduction to Business Statistics 1.1 Any characteristic of a population unit is called a variable.
Quantitative: values on the real number line.
Qualitative: record unit into categories. LO1, LO2 1.2 a. Quantitative; dollar amounts correspond to values on the real number line. b. Quantitative; net profit is a dollar amount. c. Qualitative; which stock exchange is a category. d. Quantitative; national debt is a dollar amount. e. Qualitative; media is categorized into radio, television, or print. LO2 1.3 Cross sectional data are collected at approximately the same point in time whereas time series data are collected over different time periods. The total number of cars sold in 2009 by 10
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LO8 1.13 Most waiting times will be from .4 to 11.6 minutes. An estimate of the proportion of waiting times less than 6 minutes is found by counting the number of customers with waiting times less than 6 minutes and dividing by the total of 100 customers.

LO8 1.14 Most breaking strengths will be between 46.8 lbs and 54 lbs. LO8 1.15 A ratio variable is a quantitative variable measured on a scale such that ratios of values of the variables are meaningful and there is an inherently defined zero value. An interval variable is a quantitative variable such that ratios of values of the variable are not meaningful and there is not an inherently defined zero value. LO9 1.16 An ordinal variable is a qualitative variable such that there is a meaningful ordering, or ranking, of the categories. A nominative variable is a qualitative variable such that there is no meaningful ordering, or ranking, of the categories. LO9 1.17 Ordinal, nominative, ordinal, nominative, ordinal, and nominative. LO9 1.18 Nominative, ordinal, ordinal, ordinal, nominative, and nominative. LO9 1.19 Basing the limits on the minimum and maximum temperatures observed, the lower limit is 152 degrees and the upper limit is 170 degrees. LO4, LO8 1.20 The process is not in statistical control and the higher percentages of people waiting too long occur

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