Mbs4 Chapter 1 Solutions
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
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