Chapter 01 – Introduction to Business Analytics 1-1
© McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Chapter 1. Introduction to Business Analytics
Solutions 1. a.The relevant population consists of all Americans .
b.The estimates for averages are based on sample data .
2.The value 35 is the estimated average age of the population . It is both costly and
time consuming (likely impossible) to take a census of all video game players
and compute the actual average age.
3. a.The population is all students enrolled in the accounting class.
b.The value 3.29 represents the population parameter since we are not
choosing a sample but drawing results from the actual population.
4. a.The population is all recent college graduates with an engineering degree .
b.No, the average salary is a sample statistic computed from a sample, not the
popul ation.
5. a.The population is all elderly people. The sample consists of 949 elderly
people.
b.22% and 17% represent sample statistics. Chapter 01 – Introduction to Business Analytics 1-2
© McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 6.The data are cross -sectional data .
Note: Data will vary due to the nature of sampling . 7.The data are time series data.
Note: Data will vary depending on the date of retrieval . These data were retrieved July 2019. Date Adj. Close Price 7/1/2018 192.55 8/1/2018 195.72 9/1/2018 202.97 10/1/2018 172.33 11/1/2018 176.68 12/1/2018 169.36 1/1/2019 180.90 2/1/2019 182.49 3/1/2019 189.15 4/1/2019 202.28 5/1/2019 188.53 6/1/2019 206.52 8. The front page of the New York Times website is likely to be textual (written
reports) with multimedia contents (photographs , etc.). The resulting data are
unstructured in that they do not conform to a predefined row -column format.
9. Data on price and fuel economy of small hybrid vehicles can be specified in a
predefined row -column format , and therefore, are structured.
Note: D ata will vary due to the nature of sampling . 10. The data for Under Armour’s annual revenue are structured since they are
specified in a well -defined row -column format. The data are time series data .
Note: Data will vary depending on the date of retrieval . These data were retrieved July 2019. Year Annual Revenue (in $ millions) 2018 $5,193 2017 $4,989 2016 $4,833 2015 $3,963 2014 $3,084 2013 $2,332 Chapter 01 – Introduction to Business Analytics 1-3
© McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 2012 $1,835 2011 $1,473 2010 $1,064 2009 $856 11. The resulting data about online social media usage ha ve a well -defined row -
column format , and therefore, are structured. The data are cross -sectional
data .
Note: Data will vary due to the nature of sampling . 12. The resulting data about living accommodations and expenses have a well -
defined row -column format, and therefore, are structured. The data are
cross -sectional data.
Note: Data will vary due to the nature of sampling. 13. State Median Household Income in 2013 -2017 ($) Alabama 46,472 Arizona 53,510 California 67,169 Florida 50,883 Georgia 52,977 Indiana 52,182 Iowa 56,570 Maine 53,024 Massachusetts 74,167 Minnesota 65,699 Mississippi 42,009 New Mexico 46,718 North Dakota 61,285 Washington 66,174 Source: http://www.census.gov/ ; Retrieved July 1, 2019 . These data are estimates for the period 2013 -201 7. The data are cross -
sectional data. In this particular group of states, Massachusett s has the highest median income, whereas Mississippi has the lowest median income. Also, states in the North such as Massachusetts, Minnesota and Washington tend to have higher incomes than Southern states. Chapter 01 – Introduction to Business Analytics 1-4
© McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 14. a.Numerical ; discrete
b.Categorical
c.Numerical ; continuous
15. a.Categorical
b.Numerical ; continuous
c.Numerical ; discrete
16. a.Nominal
b.Interval
c.Ordinal
17. a.Ratio
b.Ordinal
c.Nominal
18. a.Ratio
b.Interval
c.Ratio
19. a.Nominal scale; t he values differ in name.
b.
