Your Results for: "Multiple Choice" Print this page Site Title: Basic Business Statistics: Concepts and Applications Book Title: Basic Business Statistics: Concepts and Applications, 10/e Book Author: Berenson Location on Site: Chapter 1 > Self-Study Quizzes > Multiple Choice Date/Time Submitted: May 22, 2010 at 8:58 AM (EDT) Summary of Results 40% Correct of 15 Scored items: 6 Correct: 40% 9 Incorrect: 60% More information about scoring 1. Business decisions may be made by interpreting facts derived from statistical analysis of the variables of the process associated with the decision or by applying instinct about or insight into the business process. When might a decision be made by these latter more "unstructured" techniques? Your Answer: When variables associated with the business process cannot be measured. CORRECT: Statistical analysis depends on measures of variables. 2. Managers study the number of days per month over the last year that employees in the payroll department called in sick to determine the averages they can expect next year. Collecting the data and determining the averages last year is an example of what type of statistics? Determining the averages they can expect next year is an example of what type of statistics? Your Answer: Inferential statistics; descriptive statistics. Correct Answer: Descriptive statistics; inferential statistics. INCORRECT: Calculations on known data is part of descriptive statistics while predictions based on statistics are part of inferential statistics. 3. By what degree might a variable without a clear operational definition affect statistics performed on it? Your Answer: There would likely be little or no effect. Correct Answer: Results could be totally different.
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Your Results for: "Multiple Choice" Print this page
Site Title: Basic Business Statistics: Concepts and Applications
Book Title: Basic Business Statistics: Concepts and Applications, 10/e
Book Author: BerensonLocation on
Site:Chapter 1 > Self-Study Quizzes > Multiple Choice
Date/Time Submitted:
May 22, 2010 at 8:58 AM (EDT)
Summary of Results40% Correct of 15 Scored items:
6 Correct: 40%
9 Incorrect: 60%
More information about scoring
1. Business decisions may be made by interpreting facts derived from statistical analysis of the variables of the process associated with the decision or by applying instinct about or insight into the business process. When might a decision be made by these latter more "unstructured" techniques?
Your Answer:
When variables associated with the business process cannot be measured.
CORRECT: Statistical analysis depends on measures of variables.
2. Managers study the number of days per month over the last year that employees in the payroll department called in sick to determine the averages they can expect next year. Collecting the data and determining the averages last year is an example of what type of statistics? Determining the averages they can expect next year is an example of what type of statistics?
Your Answer:Inferential statistics; descriptive statistics.
Correct Answer:
Descriptive statistics; inferential statistics.
INCORRECT: Calculations on known data is part of descriptive statistics while predictions based on statistics are part of inferential statistics.
3. By what degree might a variable without a clear operational definition affect statistics performed on it?
Your Answer:There would likely be little or no effect.
Correct Answer:
Results could be totally different.
INCORRECT: This might be one answer, but even a little effect might make a big difference depending on the variable.
4. The grades that a random sampling of students in the psychology degree program received over the last decade of "Abnormal Psychology" classes are an example of what statistical concept?
Your Answer:
The grades are an example of a sample.
CORRECT: The grades (that is the values of the grades themselves) constitute a sample of the grades of the student population.
5. How might you obtain a statistic, that is a numerical value, from a categorical variable whose only possible values are "Yes" or "No"?
Your Answer:At best you could only obtain an ordinal measure or ranking of the responses if you count one response over the other.
Correct Answer:
You could count the number of "Yes" and "No" responses in the sample.
INCORRECT: Even if you assigned an order to the responses, this would not constitute a numerical measure of them.
6. Your textbook lists four categories for using statistics for Rational Decision Making: (1) Presenting and Describing Information, (2) Drawing Conclusions and Populations Based on Sample Information, (3) Improving Processes, and (4) Making Reliable Forecasts of Variables of Interest. Which category do you think represents the area of statistics called inferential statistics?
Your Answer:The category entitled "Making Reliable Forecasts of Variables of Interest".
Correct Answer:
The category entitled "Drawing Conclusions about Populations, Based Only on Sample Information".
INCORRECT: This category describes the techniques of regression analysis and time-series forecasting.
7. What statistical task performed by the U.S. government a century ago led to the development of computers?
Your Answer:
Analyzing the population census.
CORRECT: Yes, this task led to the development of electronic tabulating machines that
developed later into the more general electronic computer.
8. What method is used to sample a population so that it is representative of the population?
Your Answer:Only the first half of a population is selected.
Correct Answer:
Samples are chosen at random from the population.
INCORRECT: The first half of a population might have a systematic difference from the elements of the last half an therefore might not represent the population as a whole.
9. How might a biased source distort the statistics of a population?
Your Answer:
A biased source might yield samples that are not representative of the population.
CORRECT: Statistics about a population are generally inferred from samples from it. Samples from biased sources may not represent their populations and statistics from them may be distortions of their population's statistics.
10.
A company publishes statistics on its quarterly earnings for its stockholders to see. Is this data primary or secondary source data?
Your Answer:The source is primary for the stockholders and secondary for the company.
Correct Answer:
The source is primary for the company and secondary for the stockholders.
INCORRECT: The company created the data so it is primary for them.
11.
Which of the following methods is not mentioned as one way to obtain primary source data?
Your Answer:
Looking in professional magazines.
CORRECT: When primary source data is reported it becomes secondary source data.
12.
If you have a digital scale in your home that only reads in integers, is your weight a discrete variable?
Your Answer:
Your weight is still a continuous variable because it is really a precise number, regardless of the capability to weigh it.
CORRECT: The variable is intrinsically continuous regardless of how it is measured.
13.
What would be an example of a tiered observation if you are measuring temperature?
Your Answer:Only considering those temperatures in a certain tier.
Correct Answer:
Measurements rounded off to the nearest degree.
INCORRECT: Tiers are a result of the accuracy of the measurement, not a restriction of the range of temperature measurements.
14.
If you had a survey where respondents answered on a scale from 0-5, would this be an interval or a ratio scale?
Your Answer:Ratio scale.
Correct Answer:
It depends on what a score of 0 means.
INCORRECT: If a "0" response can be considered a true zero point then this is an interval scale, else it is a ratio scale.
15.
Look at the survey questions that Good Tunes sent to their customers. What kind of variables and scales of measurement do the questions concerning overall service and quality of the items purchased represent?
Your Answer:Continuous variables measured on a ratio scale.
Correct Answer:
Categorical variables measured on an ordinal scale.
Your Results for: "Multiple Choice"
Print this page
Site Title: Basic Business Statistics: Concepts and Applications
Book Title: Basic Business Statistics: Concepts and Applications, 10/e
Book Author: BerensonLocation on
Site:Chapter 2 > Self-Study Quizzes > Multiple Choice
Date/Time Submitted:
May 22, 2010 at 9:24 AM (EDT)
Summary of Results33% Correct of 15 Scored items:
5 Correct: 33%
10 Incorrect: 67%
More information about scoring
1. What is the purpose of a summary table?
Your Answer:To sum the values of responses to a survey.
Correct Answer:
To see differences between or among categories.
INCORRECT. Although a summary table may sum the values associated with each category, this is not necessary. The principal purpose is so the analyst can see differences between or among categories.
2. You have a summary table and a simple pie chart and bar chart (like the ones in the textbook) showing reasons for shopping for holiday gifts online. How could you enhance the bar chart to give you both visual as well as actual information?
Your Answer:The bar chart in accompaniment with the summary table is the best way to show the data.
Correct Answer:
Add values to the bar chart like on the pie chart.
INCORRECT. While this solution would solve the underlying aspects of the problem to show the actual values, it does not change the bar chart itself. An easier solution would be to add values to the bar chart.
3.
The two bar charts above show different ways to depict the SARS data for four areas of China in which most cases were found in April-May 2003. Which chart might be used if (1) the value for each date or (2) the total number of SARS cases was the most important element to be emphasized?
Your Answer:It is easier to determine actual values in the chart on the left and total cases in the chart on the right.
Correct Answer:
It is easier to determine actual values in the chart on the left and total cases in the chart on the right.
INCORRECT. Was this what you found? Perhaps for you this is correct. However, it may be more difficult to do this since the only way to determine values in the chart on the left for three of the areas is to subtract what appears to be the value from the ones below it and the only way to determine the total cases in the right chart is to sum the values of the areas.
4.
Look at the data in the summary table for SARS cases in four areas in China between 4/25-5/15/2003. The Pareto diagram above reflects data for which date?
Your Answer:
May 13, 2003
CORRECT. The data which may be easiest to notice on a chart is the number of SARS cases in Beijing. On the Pareto chart the value for Beijing is about 2300, which matches the number of SARS cases on that date. In addition, this is the only choice of dates where the value for "other areas" could have been calculated from the given data in both tables.
5. It might be said that the stem-and-leaf display is really a quick and easy way of creating a rudimentary chart or diagram for numerical data. If so, which chart or diagram used to describe categorical data does it most closely resemble - a bar chart? a pie chart? a Pareto diagram?
Your Answer:The stem-and-leaf display most closely resembles a rudimentary pie chart.
Correct Answer:
The stem-and-leaf display most closely resembles a rudimentary bar chart.
INCORRECT. Of the three choices, the stem-and-leaf display least closely resembles a pie chart and most closely resembles the bar chart.
6. Suppose the data for a stem-and-leave display was the reaction time in seconds for a student to notice another student making a grab for one of their french fries and looked like this: 0.54 0.48 0.43 0.55 0.49 0.66 0.35 0.49 0.63 0.55 0.73 0.85 0.61 0.48 0.59. Could you construct a stem-and-leaf display from this data? What does this say about the purpose of the stem-and-
leaf display?
Your Answer:You cannot create a stem-and-leaf display from this data because it does not have units for the stem part.
Correct Answer:
Use 0.3-0.8 for the stem part.
INCORRECT. It is not necessary for the data to have whole units, only to be divided into equal decimal parts, in this case into divisions of 0.1.
7.
The rule of thumb for creating a frequency distribution is to divide the data into 5-15 class groupings. While larger numbers of values allow for larger numbers of groups, how do you know exactly how many groups to use?
Your Answer:
Select the number of groupings that gives definition to the "shape" of the data.
CORRECT. There is no definitive way to select exactly how many groups to use. However, by graphing different numbers of groupings, certain characteristics of the data may be revealed while lesser numbers will not provide enough data and too many groupings can disperse the data too much.
8. An interval of $10.00 is chosen for depicting the price per person of a meal at restaurants around the city. What differences might you see in a histogram if you chose a scale of $5, $15,
$25... rather than $10, $20, $30...?
Your Answer:
You might see shifts in data concentration.
CORRECT. Choosing different class boundaries might result in shifts in data concentration which might make the data look different. Observe the histograms below.
9.
The table above shows the frequency and relative frequencies for 50 samples in each of 7 groups of restaurant meal prices covering the range of data. How was the value of 0.36 obtained for the relative frequency of meals costing $32 but less than $40?
Your Answer:
The number of samples is 50, so divide 18 by 50.
CORRECT. The relative frequency (or proportion) is obtained by dividing the value (18) by the number of elements (50).
10.
Which of the above histograms represents the graph of city restaurant meal prices with an interval of $8?
Your Answer:Neither histogram.
Correct Answer:
Both histograms.
INCORRECT. If you compare the values in the X axis scales on either histogram, you will see they are $8 apart so both have an interval of $8.
11.
Without knowing anything about the data or the scales of the graphs, determine which histogram above represents Data Set 1 depicted in the cumulative percentage polygon.
Your Answer:You cannot determine which histogram represents Data Set 1 without seeing the scale on the graphs.
Correct Answer:
The histogram on the left represents Data Set 1.
INCORRECT. The scale is not necessary in this case. The top graph is cumulative so Data Set 1 would be represented by the histogram whose values rise more slowly, which is the histogram on the left.
12.
Observe the graph data from the eruptions of the "Old Faithful" geyser in Yellowstone National Park. Determine the interval between eruptions within plus or minus 10 minutes given that the last eruption was 120 seconds long.
Your Answer:
This graph alone is not sufficient to determine the eruption given a specific duration.
CORRECT. The three groupings of data show something more is going on that this graph alone cannot depict. A time-series plot may be more revealing.
13.
Given both the scatterplot and time-series plot for the "Old Faithful" eruption data, what is the probable interval to the next eruption if the duration of the last eruption was less than 170 seconds?
Your Answer:Between 50-120 minutes.
Correct Answer:
Between 50-75 minutes.
INCORRECT. This is a safe answer, but the tourists at Yellowstone National Park would probably like a better answer if they are going to continue to give the geyser its name of "Old Faithful". A better answer is 50-70 minutes based on the time-series plot.
14.
In the above figure of wine imports into the United States, what three guidelines for developing good graphs have not been followed?
Your Answer:
(blank)
15.
Considering the various types of tables and charts introduced in this chapter, which table, chart, diagram or plot would you use to depict categorical data for two variables in a visual format?
Your Answer:A contingency table.
Correct Answer:
A side-by-side bar chart.
INCORRECT. While a contingency table is used to depict categorical data for two variables, a side-by-side bar chart is used to depict this data visually.
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Your Results for: "True or False"
Print this page
Site Title: Basic Business Statistics: Concepts and Applications
Book Title: Basic Business Statistics: Concepts and Applications, 10/e
Book Author: BerensonLocation on
Site:Chapter 2 > Self-Study Quizzes > True or False
Date/Time Submitted:
May 22, 2010 at 9:38 AM (EDT)
Summary of Results47% Correct of 15 Scored items:
7 Correct: 47%
8 Incorrect: 53%
More information about scoring
1. The summary table can be used for numerical as well as categorical data.
Your Answer:
True
CORRECT. What is a table? A table is a tabularly arranged association of variable(s) with
Text
Text
Text
Text
value(s) or value(s) with related value(s). Numerical data may be arranged in an array, a stem-and-leaf diagram (which is really a tabular relationship) or other depiction. A stem-and-leaf diagram is also similar to how tiered observations of continuous (numerical) variables would be presented.
2. A summary table shows the probability, sums of categorical responses or proportion of items in a set of categories.
Your Answer:
False
CORRECT. Technically the summary table shows the frequency, amount or percentage of items in a set of categories. However, the meaning of "number" here is the sum of responses in each category. If you look at the meaning of "frequency" or "percentage" compared with "probability" and "proportion", a limited case could be made for the statement.
3.
The bar chart depicted above correctly reflects the data for the cumulative number of SARS cases in May of 2003 (see summary table for data).
Your Answer:
(blank)
4. A pie chart is probably the best method to depict the data in either of the summary tables on SARS cases in China.
Your Answer:True
Correct Answer:
False
INCORRECT. Were you able to create an intelligible pie chart from all the data? A pie chart is probably not the best way to depict all the data in either of the SARS summary tables because there is too much data and the resulting pie chart would be confusing (a table or bar chart is best). However, a pie chart would be an appropriate way to compare data on any one date or perhaps in any one province. See pie charts below. The one on the left shows the province data for 5/15 while the chart on the right shows the data for Beijing.
5. Does the data for the SARS cases in four areas in China exhibit characteristics of the Pareto principle?
Your Answer:False
Correct Answer:
True
INCORRECT. The Pareto Principle applies to data where a majority of items in a set of data (such as SARS cases in China) occur in a small number of categories (on 5/15/2003, 75% occur in two areas) and the other observations are spread out over a large number of categories (most likely a number of areas in China had some, but much fewer, reported cases than in the four areas in the summary table).
6. Two methods described for organizing large numbers of numerical values are an ordered array of the values or a stem-and-leaf display. These methods can also be applied to sets of any number of numerical values.
Your Answer:False
Correct Answer:
True
INCORRECT. While both of these methods are appropriate for large numbers of numerical values, they can be used for any number of values.
7. When you apply the formula "width of interval" = "range" / "number of desired class grouping" to determine the width of an interval for a set of data, the interval for 12 groupings is calculated as $4.10. The interval should probably be rounded off to $4.00 or even $5.00.
Your Answer:False
Correct Answer:
True
INCORRECT. You should choose an interval width that simplifies reading and interpretation. If there were some special significance associated with $4.10 over $4.00 or the range of data were a bit tighter, then $4.10 might be the best choice here. However, here the range of the data is sufficient to where either $4.00 (yielding 11 groups) or, better yet, $5.00 (yielding 13 groups) would be preferable to $4.10.
8. The frequency distribution table is the best way to compare two or more set of data with different sample sizes.
Your Answer:
False
CORRECT. While the "shape" of the data can be seen in a frequency distribution table, it may be more difficult to compare two or more sets of data if the number of elements in each group is very different. A better comparison can be made with the relative frequency or percentage distribution is more appropriate.
9. The cumulative percentage distribution is a method for presenting information about the percentage of values more than a certain value.
Your Answer:
True
CORRECT. While the textbook describes the cumulative percentage distribution as a way to present information about the percentage of values less than a certain value, the converse is also true.
10.
The shape of a graph of relative frequency distribution reveals more information than that of a graph of frequency distribution.
Your Answer:
False
CORRECT. Since relative frequency is determined by dividing the frequency values by the sample size, the shape of the graphed data will be identical for the same set of data. Only the scale will change.
11.
One way to compare two sets of data is to create relative frequency or percentage distributions. Another recommended method is to superimpose their histograms.
Your Answer:
False
CORRECT. The recommended method is to create percentage polygons of the data. Superimposing vertical bars of one histogram over another may cause difficulties in interpretation, particularly if the histogram is of frequency rather than relative frequency data.
12.
The side-by-side bar chart would be more appropriate for the SARS data than for the data on restaurant meal prices.
Your Answer:False
Correct Answer:
True
INCORRECT. Contingency tables and their visual representation as side-by-side bar charts are methods to represent categorical variables. The SARS variables (Guangdong, Beijing, etc.) are categorical variables while restaurant prices are numerical.
13.
The graph above of 100 elements of data from the eruptions of the "Old Faithful" geyser in Yellowstone National Park is a time-series plot because the scale is in terms of time.
Your Answer:True
Correct Answer:
False
INCORRECT. A time-series plot is constructed by showing the value of a variable or variables over a period of time, not just having time as a variable.
14.
The time-series plot above shows the interval between, and duration of, eruptions of "Old Faithful" over a period of 100 eruptions. This plot does not add any further information to the scatterplot of the data.
Your Answer:
False
CORRECT. The time-series plot and data table show that nearly every time the duration of an eruption is shorter than normal (less than 170 seconds) that the interval between it and the next eruption is also shorter than normal (less than 70 minutes). There may also be some periodicity for when this event occurs. While the scatterplot has three recognizable groupings of data, there is no information on when an event might occur in one grouping or the other.
15.
The figure above is an example of misusing graphs because the vertical scale for the amount of wine exports to the U.S. is distorted.
Your Answer:True
Correct Answer:
False
INCORRECT. If you create a vertical scale to match the data depicted, starting with a zero point at the bottom of the glass, you will see that the vertical scale is accurate. However, this information is not apparent from the graph (you have to create the scale yourself, which you should not have to do).
Your Results for: "True or False"
Print this page
Site Title: Basic Business Statistics: Concepts and Applications
Book Title: Basic Business Statistics: Concepts and Applications, 10/e
Book Author: BerensonLocation on
Site:Chapter 2 > Self-Study Quizzes > True or False
Date/Time Submitted:
May 22, 2010 at 9:45 AM (EDT)
Summary of Results100% Correct of 15 Scored items:
15 Correct: 100%
0 Incorrect: 0%
More information about scoring
1. The summary table can be used for numerical as well as categorical data.
Your Answer:
True
CORRECT. What is a table? A table is a tabularly arranged association of variable(s) with value(s) or value(s) with related value(s). Numerical data may be arranged in an array, a stem-and-leaf diagram (which is really a tabular relationship) or other depiction. A stem-and-leaf diagram is also similar to how tiered observations of continuous (numerical) variables would be presented.
2. A summary table shows the probability, sums of categorical responses or proportion of items in a set of categories.
Your Answer:
False
CORRECT. Technically the summary table shows the frequency, amount or percentage of items in a set of categories. However, the meaning of "number" here is the sum of responses in each category. If you look at the meaning of "frequency" or "percentage" compared with "probability" and "proportion", a limited case could be made for the statement.
3.
The bar chart depicted above correctly reflects the data for the cumulative number of SARS cases in May of 2003 (see summary table for data).
Your Answer:
False
CORRECT. The bar chart above the question shows the correct dates and the correct values associated with the SARS data in the summary table but the data is in the opposite order and is not properly associated with the correct dates (with the exception of one date - can you tell which one is correct?).
4. A pie chart is probably the best method to depict the data in either of the summary tables on SARS cases in China.
Your Answer:
False
CORRECT. A pie chart is probably not the best way to depict all the data in either of the SARS summary tables because there is too much data and the resulting pie chart would be confusing (a table or bar chart is best). However, a pie chart would be an appropriate way to compare data on any one date or perhaps in any one province. See pie chart below. The one on the left shows the province data for 5/15 while the chart on the right shows the data for Beijing.
5. Does the data for the SARS cases in four areas in China exhibit characteristics of the Pareto principle?
Your Answer:
True
CORRECT. The data on SARS cases in four areas in China, along with the data in the summary table, shows that the majority of SARS cases are contained in the four areas shown since, for example, on 5/15/2003 the total number of reported SARS cases in China is 5163 and the total number of reported SARS cases in the four areas is about 4600. This means over 75% of cases in China are in two areas and only about 10% are in any area other than the four areas in the summary table.
6. Two methods described for organizing large numbers of numerical values are an ordered array of the values or a stem-and-leaf display. These methods can also be applied to sets of
any number of numerical values.
Your Answer:
True
CORRECT. While both of these methods are appropriate for large numbers of numerical values, they can be used for any number of values.
7. When you apply the formula "width of interval" = "range" / "number of desired class grouping" to determine the width of an interval for a set of data, the interval for 12 groupings is calculated as $4.10. The interval should probably be rounded off to $4.00 or even $5.00.
Your Answer:
True
CORRECT. You should choose an interval width that simplifies reading and interpretation. Here, with the range of the data, either $4.00 (yielding 11 groups) or, better yet, $5.00 (yielding 13 groups) would be preferable to $4.10.
8. The frequency distribution table is the best way to compare two or more set of data with different sample sizes.
Your Answer:
False
CORRECT. While the "shape" of the data can be seen in a frequency distribution table, it may be more difficult to compare two or more sets of data if the number of elements in each group is very different. A better comparison can be made with the relative frequency or percentage distribution is more appropriate.
9. The cumulative percentage distribution is a method for presenting information about the percentage of values more than a certain value.
Your Answer:
True
CORRECT. While the textbook describes the cumulative percentage distribution as a way to present information about the percentage of values less than a certain value, the converse is also true.
10. The shape of a graph of relative frequency distribution reveals more information than that of a graph of frequency distribution.
Your Answer:
False
CORRECT. Since relative frequency is determined by dividing the frequency values by the sample size, the shape of the graphed data will be identical for the same set of data. Only the scale will change.
11. One way to compare two sets of data is to create relative frequency or percentage distributions. Another recommended method is to superimpose their histograms.
Your Answer:
False
CORRECT. The recommended method is to create percentage polygons of the data. Superimposing vertical bars of one histogram over another may cause difficulties in interpretation, particularly if the histogram is of frequency rather than relative frequency data.
12. The side-by-side bar chart would be more appropriate for the SARS data than for the data on restaurant meal prices.
Your Answer:
True
CORRECT. Contingency tables and their visual representation as side-by-side bar charts are methods to represent categorical variables. The SARS variables (Guangdong, Beijing, etc.) are categorical variables while restaurant prices are numerical.
13.
The graph above of 100 elements of data from the eruptions of the "Old Faithful" geyser in Yellowstone National Park is a time-series plot because the scale is in terms of time.
Your Answer:
False
CORRECT. A time-series plot is constructed by showing the value of a variable or variables over a period of time, not just having time as a variable.
14.
The time-series plot above shows the interval between, and duration of, eruptions of "Old Faithful" over a period of 100 eruptions. This plot does not add any further information to the scatterplot of the data.
Your Answer:
False
CORRECT. The time-series plot and data table show that nearly every time the duration of an eruption is shorter than normal (less than 170 seconds) that the interval between it and the next eruption is also shorter than normal (less than 70 minutes). There may also be some periodicity for when this event occurs. While the scatterplot has three recognizable groupings of data, there is no information on when an event might occur in one grouping or the other.
15.
The figure above is an example of misusing graphs because the vertical scale for the amount of wine exports to the U.S. is distorted.
Your Answer:
False
CORRECT. If you create a vertical scale to match the data depicted, starting with a zero point at the bottom of the glass, you will see that the vertical scale is accurate. However, this information is not apparent from the graph (you have to create the scale yourself) and because the glasses are not cylindrical the volumes may distort the relative differences between the values.
1. Under what circumstances might you choose to depict categorical data in one of the following methods over the others: a table? a bar chart? a pie chart? A Pareto diagram?A table may be used when displaying exact values for the data is most important. The bar chart, pie chart and Pareto diagram are visual ways of representing data in a table. The bar chart may be used to compare values for categories. The pie chart is used if you wish to compare values as portions of the whole. A Pareto diagram is used when only a few of the categories contain the largest values.
2The initial question in the application "Comparing the Performance of Mutual Funds" asked "...how would you go about making a reasonable choice among the many [mutual] funds...". How did tables and charts help to make a reasonable choice?
.
Bar and pie charts showed how many of the funds were categorized as low, average or high risk. A stem-and-leaf display and frequency, relative frequency and cumulative percentage distribution tables showed the distribution of returns for the funds. A histogram was also used to depict returns and a percentage polygon and cumulative percentage polygon were used to compare growth and value funds. A contingency table and side-by-side bar chart were then used to show the level of risk associated with growth and value funds. Finally a scatter diagram was used to show relationship between expense ratio to return for a number of mutual funds.
1.
Discuss for what reasons different business areas (accounting, finance, management and marketing) might use statistics.
Your Answer:a
Accounting might use statistics to select what items to audit that might have values that differ the most from the others. Finance might use statistics to track trends in costs. Management might use statistics to determine the quality of a service so they could improve certain aspects of it. Marketing might use statistics to determine which pilot project to pursue.
2.
Discuss how statistics led to the development of computer systems and how computer systems led to the development of statistics.
Your Answer:a
The tabulation of population censuses were improved with the development of tabulating machines, which, over the last century, led to the development of computing systems used today (for example, Herman Hollerith's methods for tabulating the 1890 census led to his establishing the Tabulating Machine Company that would become International Business Machines (IBM) in 1924). Development of computer programs that aided in statistics popularized the use of statistics, which in turn encouraged the development of additional statistical methods.
3.
Discuss the relative "weakness" of categorical variables (including measures on nominal and ordinal scales), and continuous variables (including measures on interval and ratio scales) with respect to the type of information statistics on them yield.
Your Answer:a
Statistics on categorical variables that can be expressed on a nominal scale may only determine which value meets a certain criteria and those that can be expressed on an ordinal scale may at least show a ranking structure, but this information is "weaker" than the information gained from numerical variables which show by how much values differ, particularly those variables that can be expressed on an interval scale.
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