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Solution Manual - Essentials of Modern Business Statistics with Microsoft® Excel®, Anderson
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Solution Manual - Essentials of Modern Business Statistics with Microsoft® Excel®, Anderson. Table of Contents: 1. Data and Statistics. 2. Descriptive Statistics: Tabular and Graphical Displays. 3. Descriptive Statistics: Numerical Measures. 4. Introduction to Probability. 5. Discrete Probabi...

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  • February 20, 2024
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SOLUTIONS
MANUAL
ESSENTIALS OF MODERN BUSINESS STATISTICS WITH
MICROSOFT EXCEL

,Chapter 1
Data and Statistics


Learning Objectives



1. Obtain an appreciation for the breadth of statistical applications in business and economics.



2. Understand the meaning of the terms elements, variables, and observations as they are used
in statistics.



3. Obtain an understanding of the difference between categorical, quantitative, crossectional
and time series data.



4. Learn about the sources of data for statistical analysis both internal and external to the firm.



5. Be aware of how errors can arise in data.



6. Know the meaning of descriptive statistics and statistical inference.



7. Be able to distinguish between a population and a sample.



8. Understand the role a sample plays in making statistical inferences about the population.

,9. Know the meaning of the term data mining.



10. Be aware of ethical guidelines for statistical practice.




Solutions:



1. Statistics can be referred to as numerical facts. In a broader sense, statistics is the field of
study dealing with the collection, analysis, presentation and interpretation of data.



2. a. The ten elements are the ten tablet computers



b. 5 variables: Cost ($), Operating System, Display Size (inches), Battery Life (hours),
CPU Manufacturer



c. Categorical variables: Operating System and CPU Manufacturer



Quantitative variables: Cost ($), Display Size (inches), and Battery Life (hours)



d.

Variable Measurement
Scale

Cost ($) Ratio

Operating System Nominal

Display Size Ratio
(inches)

Battery Life (hours) Ratio

CPU Manufacturer Nominal



3. a. Average cost = 5829/10 = $582.90



b. Average cost with a Windows operating system = 3616/5 = $723.20

, Average cost with an Android operating system = 1714/4 = $428.5



The average cost with a Windows operating system is much higher.



c. 2 of 10 or 20% use a CPU manufactured by TI OMAP



d. 4 of 10 or 40% use an Android operating system



4. a. There are eight elements in this data set; each element corresponds to one of the eight
models of cordless telephones



b. Categorical variables: Voice Quality and Handset on Base



Quantitative variables: Price, Overall Score, and Talk Time



c. Price – ratio measurement

Overall Score – interval measurement

Voice Quality – ordinal measurement

Handset on Base – nominal measurement

Talk Time – ratio measurement



5. a. Average Price = 545/8 = $68.13



b. Average Talk Time = 71/8 = 8.875 hours



c. Percentage rated Excellent: 2 of 8 2/8 = .25, or 25%

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