Applied Statistics in Business and Economics Ch 1

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Chapter 1
1. Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. TRUE 2. Inferential statistics refers to generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, and making decisions.   TRUE

3. Descriptive statistics refers to summarizing data rather than generalizing about the population.  FALSE
4. Estimating parameters and testing hypotheses are important aspects of descriptive statistics.   FALSE
5. Inconsistent treatment of data by a researcher is a symptom of poor survey or research design.   FALSE
6. Empirical data are collected through observations and/or experiments.   TRUE
7. Business intelligence refers to collecting, storing, accessing, and analyzing data on the company's operations in order to make better business decisions.  TRUE
8. When a statistician omits data contrary to her findings in a study, she is justified as long as the sample supports her objective.  FALSE
9. A strong correlation between A and B would imply that B is caused by A.  FALSE
10. The post hoc fallacy says that when B follows A then B is caused by A.  TRUE
11. A statistical test may be significant yet have no practical importance.  True    False
12. Valid statistical inferences cannot be made when sample sizes are small.  TRUE
13. Statistics is an essential part of critical thinking, because it allows us to transform the empirical evidence from a sample so it will agree with our preferred conclusions.  TRUE
14. Statistical challenges include imperfect data, practical constraints, and ethical dilemmas.  TRUE
15. A business data analyst needs a PhD in statistics. 
FALSE
16. The science of statistics tells us whether the sample evidence is convincing.  True    False
17. Pitfalls to consider in a statistical test include non-random samples, small sample size, and lack of causal links.  TRUE
18. In business communication,...
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