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Business Summary Statistics 100% with complete solution
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Business Summary Statistics 100% with complete solution
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BusinessSummary
Statistics
100%
Describe
how
the
range
of
a
data
set
can
help
describe
its
variability.
-
correct
answer-The
range
can
help
describe
a
data
set
by
evaluating
the
whole
of
a
data
set,
showing
spread
within
a
data
set,
and
comparing
the
spread
between
similar
data
sets.
Simply
put,
it
is
the
amount
of
variation
from
the
lowest
number
to
the
highest
and
indicates
the
size
of
the
statistical
dispersion.
How
can
a
lack
of
understanding
of
the
measures
of
central
tendency
and
variability
affect
business
decisions?
Give
some
examples
to
support
your
answer.
-
correct
answer-The
measure
of
central
tendency
give
you
a
picture
of
what
to
expect
in
a
situation.
My
example:
a
basketball
players
"average"
is
the
number
of
points
that
they
usually
score.
In
a
business
you
make
decisions
on
what
you
expect
to
happen.
If
you
know
the
measure
of
center
it
can
help
you
make
better
decisions.
What
are
the
mean
and
mode
of
the
data
set?
a.
mean:
39,
mode:
29
b.
mean:
35,
mode:
43
c.
mean:
35,
mode:
29
d.
mean:
39,
mode:
43
-
correct
answer-c.
mean:
35,
mode:
29
Harry
is
saving
for
a
vacation.
He
kept
track
of
how
much
he
saved
each
month
over
the
last
six
months
in
the
following
table.
What
did
Harry
save
per
month
on
average?
a.
$152.50
b.
$158.00
c.
$915.00
d.
$155.25
-
correct
answer-a.
$152.50
Olivia
enjoys
watching
little
birds
at
the
many
feeders
in
her
yard.
She
counts
how
many
of
them
she
can
see
in
her
yard
every
morning
before
she
leaves
for
school.
Her
data
for
two
weeks
can
be
seen
below.
What
is
the
mean
of
the
number
of
little
birds
that
Olivia
sees
in
her
yard
each
morning?
Round
to
the
nearest
bird,
if
necessary.
a.
34 b.
31
c.
30
d.
26
-
correct
answer-c.
30
The
following
chart
represents
the
record
low
temperatures
recorded
in
Phoenix
for
April-November.
Select
the
answer
below
that
best
describes
the
mean
and
the
median
of
the
data
set
(round
answers
to
the
nearest
tenth).
a.
The
mean
is
43.5°F,
and
the
median
is
43.6°F.
b.
The
mean
is
60.5°F,
and
the
median
is
60.5°F.
c.
The
mean
is
60°F,
and
the
median
is
61°F.
d.
The
mean
is
43.6°F,
and
the
median
is
43.5°F.
-
correct
answer-d.
The
mean
is
43.6°F,
and
the
median
is
43.5°F.
Which
measure
of
central
tendency
would
be
best
to
describe
the
following
set
of
data?
a.
median
b.
mode
c.
mean
d.
all
of
the
above
-
correct
answer-a.
median
Terry
has
been
a
returning
contestant
on
a
game
show
for
the
last
seven
weeks.
In
a
contestant's
first
seven
appearances
on
the
show
they
have
a
chance
to
answer
one
question
and
win
anywhere
between
$200-$900.
On
their
eighth
appearance
they
get
a
chance
to
answer
a
question
worth
$10,000.
Given
Terry's
winnings
in
the
following
table,
describe
what
would
happen
to
the
mean
and
median
of
the
data
set
if
she
were
to
get
the
Week
8
question
right.
a.
The
mean
increases
by
$1,696.30,
the
median
increases
by
$556.
b.
The
mean
increases
by
$1,696.30,
the
median
increases
by
$79.
c.
The
mean
increases
by
$1,186.25,
the
median
increases
by
$79.
d.
The
mean
increases
by
$1,186.25,
the
median
increases
by
$556.
-
correct
answer-c.
The
mean
increases
by
$1,186.25,
the
median
increases
by
$79.
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