haihongyuan.com

CHAPTER 1: A Preview of Business Statistics
to accompany

fourth edition, by Ronald M. Weiers

Presentation by Priscilla Chaffe-Stengel Donald N. Stengel

Chapter 1 - Key Terms
? Collection, summarization, analysis, and reporting of numerical findings ? Statistics - Two Usages
– A. The study of statistics – B. Statistics as reported sample measures
?1. Descriptive ?2. Inferential

Chapter 1 - Key Terms Inferential Statistics
POPULATION How Taken Measure Census SAMPLE Selected Subset Statistic

Parameter

Types of Variables
? Qualitative Variables
– Attributes, categories
?Examples: male/female, registered to vote/not, ethnicity, eye color....

? Quantitative Variables
– Discrete - usually take on integer values but can take
on fractions when variable allows - counts, how many – Continuous - can take on any value at any point along an interval - measurements, how much

Example: Types of Variables Problem 1.16
? For each of the following, indicate whether the appropriate variable would be qualitative or quantitative. If the variable is quantitative, indicate whether it would be discrete or continuous.

? a) Whether you own ? Qualitative Variable an RCA Colortrak – two levels: yes/no television set – no measurement ? b) Your status as a ? Qualitative Variable full-time or a part– two levels: full/part time student – no measurement ? c) Number of people ? Quantitative, Discrete who attended your Variable school’s graduation – a countable number last year – only whole numbers

Problem 1.16

Problem 1.16, continued
? d) The price of ? Quantitative, Discrete your most recent Variable haircut – a countable number
– only whole numbers

? e) Sam’s travel time from his dorm to the Student Union

? Quantitative, Continuous Variable
– any number – time is measured – can take on any value greater than zero

Problem 1.16, continued
? f) The number of students on campus who belong to a social fraternity or sorority ? Quantitative, Discrete Variable
– a countable number – only whole numbers

Scales of Measurement
? Nominal Scale - Labels represent various levels of a
categorical variable.

? Ordinal Scale - Labels represent an order that
indicates either preference or ranking.

? Interval Scale - Numerical labels indicate order and ? Ratio Scale - Numerical labels indicate order and

distance between elements. There is no absolute zero and multiples of measures are not meaningful.

distance between elements. There is an absolute zero and multiples of measures are meaningful.

Example: Scales of Measurement Problem 1.20
? Bill scored 1200 on the Scholastic Aptitude Test and entered co

llege as a physics major. As a freshman, he changed to business because he thought it was more interesting. Because he made the dean’s list last semester, his parents gave him \$30 to buy a new Casio calculator. Identify at least one piece of information in the:

Problem 1.20, continued
? a) nominal scale of measurement. ? 1. Bill is going to college. 2. Bill will buy a Casio calculator. 3. Bill was a physics major. 4. Bill is a business major. 5. Bill was on the dean’s list.

Problem 1.20, continued
? b) ordinal scale of measurement ? Bill is a freshman.

? c) interval scale of ? Bill earned a 1200 on the measurement SAT.

? d) ratio scale of measurement

? Bill’s parents gave him \$30.