Basic Business Statistics
Pearson International Edition
Chapter 3
Answers
3.56
Range is the simplest measure of variation. It is the difference between the largest and the smallest values: Range = Xlargest – Xsmallest
The advantage of range is that it is very simple but the disadvantage is that it ignores the way in which data are distributed.

If we square the difference between each value and the mean and sum the squared differences, we find the sum of squares and if we divide this sum by the number of values minus 1, we get variance. It is the approximate average of squared deviations of values from the mean.

The square root of variance is the standard deviation.

Standard deviation is the most commonly used measure of deviation because it is always a number that is in the same units as the original sample data. For almost all sets of data, the majority of the observed values lie within an interval of plus and minus one standard deviation above and below the mean. So it helps to define where at least majority of the data values are clustering.

The coefficient of variation is a relative measure of variation, a percentage. It shows variation relative to mean. It is equal to the standard deviation divided by the mean, multiplied by 100%.

The advantage of the coefficient of variation is that you may compare the variability of two or more data sets measured in different units.

3.58
The empirical rule approximates the variation of data in a bell-shaped distribution. Approximately 68% of the data in a bell shaped distribution is within 1 standard deviation of the mean or . Approximately 95% of the data in a bell shaped distribution is within 1 standard deviation of the mean or . Approximately 99.7% of the data in a bell shaped distribution is within 1 standard deviation of the mean or .

The Chebyshev rule states that for any data set, regardless of how data are distributed, at least (1 - 1/k2) x 100% of the values will fall...

...Case Study #3: Contract for the International Sale of Goods
A chip off the new block
Semicontronics is an Australian manufacturing company that has been in the business of semi manufactured electronics for over a decade. Semicontronics has a solid reputation for meeting customer demands for quality products on time and on budget. The majority of Semicontronics customers are international, mid-market manufacturing companies that...

...(technology or environment), this paper has clearly presented penetration strategy Tesco PLC, a multinational retailer in grocery and merchandise towards Vietnam market. The paper conducted the report through collecting secondary data from General Statistics Office of Vietnam, Work Bank Data Source, CIA and some other trusted data source to indicate in detail whether Vietnamese market is a possible one for Tesco. The result point out that Vietnam could be a possible market for...

...is important. (b) Find the number of agent arrangement where order is not important (c) Why is the number of combinations smaller than the number of permutations?
a) nCx= n!/x! (n-x)!
10C4= 10!/ 4! (10-4) !
=10*9*8*7*6!/4!*6!
=10*9*8*7/4*3*2*1= 5040/24= 210 Combinations
b) nPx= n!/(x-n)!
10P4= 10!/ (10-4)!
= 10*9*8*7*6!/ 6!
= 5040 Permutations
5.75
(a) In certain state, license plates consist of three letters (A-Z) followed by three digits (0-9) how...

...Omkar & Yaying
Wednesday 5-6pm
WEEK 3 BES PASS
Descriptive Statistics Population - a set of all possible observations. Sample - a portion of a population. We often use information concerning a sample to
make an inference (conclusion) about the population.
Parameter - describes a characteristic of the population, eg: the population variance Statistic- describes a characteristic of a sample, eg: the sample variance
Frequency...

...matter in InternationalBusiness and Management?
As global competition is getting tougher, more and more companies are being “forced” to engage in internationalbusiness if they are to survive. Companies depend on a variety of factors, such as a high level of administrative competence from their managers in order to achieve success. One factor that is frequently being referred to as a critical success factor is cross-cultural...

...Chapter3- Personality, Perception, and Attribution (37-53)
Individual Differences
Managers need to understand individual differences. The basis for understanding comes from Kurt Lewin’s early contention that behavior is a function of the person and the environment. B=P*E
This idea has been developed into the interactional psychology approach. This approach states that we must know something about the person and something about the situation to understand the...

...achieve its goal. In addition, Ms. X also applies Henry Mintzberg’s interpersonal roles. In 3(ii), she gives the employees compliment when they do a good job. It shows that she works closely with the employees, it is very helpful in maintaining a good relationship by creating feeling of trust and openness which will make them encourage to work everyday with a good performance. Other than that, it is also proven by 3(v), which is she ensures workers knowledge is at...

...Chapters 1-3:In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force. $157, $132, $109, $145, $125, $139. Calculate the mean and sample variance(s^2) and standard deviation. Mean = 807/6 = 134.5. Sample Variance = (109925 – (807^2/6)/6-1 =...

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