Week 1 Business Statistics
1.2 - Below we list several variables. Which of these variables are quantitative and which are qualitative?
Quantitative means that the measurement of the value gives an actual quantity that can mean “how much”, or “how many”. Whereas qualitative means we are simply recording into which of the categories the element falls. (Bowerman, O'Connell, Murphree, Orris, J. B. (2012). Essentials of Business Statistics 4th ed.). A. The dollar amount on an accounts receivable invoice.
This would be quantitative, because it is showing the actual dollar amount and is not grouping it into different categories. B. The net profit for a company in 2009.
This would fall under quantitative since seeing an actual number for a company and once again there is no grouping or categories that it falls under. C. The stock exchange on which a company’s stock is traded.
This would be qualitative since all the stocks are categorized into names and companies. D. The national debt of the United States in 2009.
This is a quantitative since it is an exact number and no categorizing is needed. E. The advertising medium (radio, television, or print) used to promote a product.
This would fall into the qualitative element since everything will be categorized into categories showing the medium of what is used.
1.17 – Classify each of the following qualitative variables as ordinal or nominative.
An ordinal variable is a qualitative variable for which there is a meaningful ordering or ranking, of the categories. A nominative variable is a qualitative variable for which there is no meaningful ordering, or ranking, of the categories. (Bowerman, O'Connell, Murphree, Orris, J. B. (2012). Essentials of Business Statistics 4th ed.). A. Statistics course letter grade.
Ordinal – Reasoning for this is there is a meaning to the letters or ranking. Each letter grade means more than the other from above average to below average. B. Door Choice on Let’s Make a
Quantitative means that the measurement of the value gives an actual quantity that can mean “how much”, or “how many”. Whereas qualitative means we are simply recording into which of the categories the element falls. (Bowerman, O'Connell, Murphree, Orris, J. B. (2012). Essentials of Business Statistics 4th ed.). A. The dollar amount on an accounts receivable invoice.
This would be quantitative, because it is showing the actual dollar amount and is not grouping it into different categories. B. The net profit for a company in 2009.
This would fall under quantitative since seeing an actual number for a company and once again there is no grouping or categories that it falls under. C. The stock exchange on which a company’s stock is traded.
This would be qualitative since all the stocks are categorized into names and companies. D. The national debt of the United States in 2009.
This is a quantitative since it is an exact number and no categorizing is needed. E. The advertising medium (radio, television, or print) used to promote a product.
This would fall into the qualitative element since everything will be categorized into categories showing the medium of what is used.
1.17 – Classify each of the following qualitative variables as ordinal or nominative.
An ordinal variable is a qualitative variable for which there is a meaningful ordering or ranking, of the categories. A nominative variable is a qualitative variable for which there is no meaningful ordering, or ranking, of the categories. (Bowerman, O'Connell, Murphree, Orris, J. B. (2012). Essentials of Business Statistics 4th ed.). A. Statistics course letter grade.
Ordinal – Reasoning for this is there is a meaning to the letters or ranking. Each letter grade means more than the other from above average to below average. B. Door Choice on Let’s Make a