2i – quantitative analysis for business – due at 10 pm tonight (1

 

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UNDERLINE, HIGHLIGHT THE RIGHT ANSWER & FILL IN THE ANSWERS

 

 

What is statistic?

a.        It is an estimate or prediction or some other generalization about a population based on information contained in a sample

b.        It is a characteristic or property of an individual experimental unit.

c.        It is the process used to assign numbers to variables of individual population units

d.        It is the science that deals with collection, classification, analysis, and interpretation of information or data.

 

 

Explain the difference between qualitative and quantitative data.

 

a.        Quantitative data are data from a sample, while qualitative data are data from a population

b.        Quantitative data are numerical in nature, while qualitative data are categorical in nature

c.        Quantitative data are data from a population, while qualitative data are data from a sample

d.        Quantitative data are collected from an observational study, while qualitative data are from a designed      experiment.

e.        Quantitative data are categorical in nature, while qualitative data are numerical in nature

f.          Quantitative data are collected from a designed experiment, while qualitative data are from an observational study.

 

 

Explain how populations and variables differ.

 

a.        A population is a set of units of interest to a study. A variable is a subset of the units of a population.

b.        A population is a set of units of interest to a study. A variable is a characteristic or property of the units being studied.

c.        A population is a set of units of interest to a study. A variable is an object upon which data is collected

d.        A variable is a set of units of interest to a study. A population is a characteristic or property of the units being studied.

 

 

Define statistical thinking

 

a.  Statistical thinking involves applying rational thought and the science of statistics to critically assess data and inferences.

b.  Statistical thinking is a statement about the degree of uncertainty associated with statistical inference.

c.  Statistical thinking is a series of actions or operations that transforms inputs to outputs.

d.  Statistical thinking utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data.

 

 

Suppose you are given a data set that classifies each sample unit into one of four categories A, B, C, or D. You plan to create a computer database consisting of these data, and you decide to code the data as A-1, B-2, C-3, D-4. Are the data consisting of the classifications A, B, C, D qualitative or quantitative? After the data are input as 1, 2, 3, or 4, are they qualitative or quantitative?

 

a. Qualitative, because they can only be classified into categories

b. Quantitative, because they are measured on a naturally occurring numerical scale

c. Qualitative, because they are measured on a naturally occurring numerical scale

d. Qualitative, because they can only be classified into categories.

 

 

 A company tracked some credit card purchases during the year 2005 and measured two variable: (1) the cardholder’s town of residence, and (2) the amount (in dollars) of interest paid. Identify the type (quantitative or qualitative) of each variable measured. Does the data set collected represent a population or a sample?

 

 

a.         Is the variable (1) qualitative or quantitative?

         Qualitative

o             Quantitative

 

  Identify each of the following variables as qualitative or quantitative.

a.         Eye color __________________________

b.         Number of children in a family _________________________

c.         Distance of commute to work ____________________

d.         Profession _________________________

 

 

a.         Is the variable (eye color ) qualitative or quantitative?

o   Quantitative

o   Qualitative

 

  Identify each of the following variables as qualitative or quantitative.

a.           Number of children in family _________________________

b.           Natural hair color _____________________________

c.          Size of home _________________________

d.          Eye Color  __________________________

 

a.        Is the variable (Number of children in family) qualitative or quantitative? Why?

o   Number of children in family is a quantitative variable.  Its values are numerical.

o   Number of children in family is a quantitative variable.  Its values are not numerical

o   Number of children in family is a qualitative variable.  Its values are numerical.

o   Number of children in family is a qualitative variable.  Its values are not numerical

 

 

A company surveyed a random sample of 3,500 employees in the region. One question they asked was, “Since your employer provides you with mentoring opportunities are you likely to remain in your job for the next five years?” They found that 610 members of the sample said yes.

 

 

·         Identify the population of interest to the company.

o   All employees in the region

o   All people in the region

o   The 610 employees who answered yes

o   The 3,500 employees surveyed

 

 

 a. Identify each of the following variables as qualitative or quantitative

a.           Favorite baby name ____________________

b.          Clothing style ________________________

c.           Total worth of painting in a collection _________________________

d.           Grade point average of a student _____________________________

 

a.        Is the variable (Favorite baby name) qualitative or quantitative? Why?

o   vo  a. Favorite baby name is quantitative variable. Its values are not numerical

o   F    b. Favorite baby name is quantitative variable. Its values are numerical

o   F    c. Favorite baby name is qualitative variable. Its values are not numerical

o             d. Favorite baby name is qualitative variable. Its values are numerical