Solutions Manual for
Business Statistics For
Contemporary
Decision Making, 3rd
Canadian Edition, 3e
Ken Black, Tiffany
Bayley, Ignacio
Castillo (All Chapters
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, Black, Bayley, Castillo: Business Statistics, Third Canadian Edition
SOLUTIONS TO PROBLEMS IN
CHAPTER 1: INTRODUCTION TO STATISTICS
1.1 Examples of data in business disciplines:
accounting – revenue/sales, cost of goods, salary expense, depreciation,
utility costs, taxes, equipment inventory, etc.
finance - World bank bond rates, number of failed savings and loans
companies, measured risk of common stocks, stock dividends, foreign
exchange rate, liquidity rates for a single-family, etc.
human resources - salaries, size of engineering staff, years experience, age
of employees, years of education, etc.
marketing - number of units sold, dollar sales volume, forecast sales, size
of sales force, market share, measurement of consumer motivation,
measurement of consumer frustration, measurement of brand preference,
attitude measurement, measurement of consumer risk, etc.
operations and supply chain management - the number, location, and
network missions of suppliers, production facilities, distribution centers,
warehouses, cross-docks, and customers; the quantity and location of
inventory, including raw materials, work in process (WIP), and finished
goods, etc.
information systems - CPU time, size of memory, number of work
stations, storage capacity, percent of professionals who are connected to a
computer network, dollar assets of company computing, number of “hits”
on the Internet, time spent on the Internet per day, percentage of people
who use the Internet, retail dollars spent in e-commerce, etc.
production - number of production runs per day, weight of a product;
assembly time, number of defects per run, temperature in the plant,
amount of inventory, turnaround time, etc.
management - measurement of union participation, measurement of
employer support, measurement of tendency to control, number of
subordinates reporting to a manager, measurement of leadership style, etc.
1.2 Examples of data that can be gathered for decision-making purposes in
business industries:
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