Book cover for Essentials of Modern Business Statistics

Essentials of Modern Business Statistics

David R. Anderson, Dennis J. Sweeney,Thomas A. Williams

ISBN #9780357131626

8th Edition

810 Questions

Group icon
38,924 Students Helped

Homework Questions

Right arrow
Summary
Learning Objectives
Key Concepts
Example Problems
Explanations
Common Mistakes

Summary

Chapter 3 delves into numerical measures in descriptive statistics, highlighting how to quantify central tendency and dispersion within a dataset. Essential measures such as the mean, median, and mode provide different perspectives on the data’s central value, while variance and standard deviation give insights into data variability. The chapter also covers advanced topics including weighted and geometric means, percentiles, and the construction of boxplots, which serve as powerful visual tools. Furthermore, it explains methods to analyze the shape of the distribution and the relationship between two variables through covariance and correlation. Mastery of these tools enables data analysts to effectively summarize, interpret, and communicate data insights.

Learning Objectives

1

-

2

2.

3

E

4

x

5

p

Key Concepts

CONCEPT

DEFINITION

No concepts available

No definitions available for this book.

Example Problems

Example 1

The response to a question has three alternatives: $\mathrm{A}, \mathrm{B},$ and $\mathrm{C} .$ A sample of 120 responses provides $60 \mathrm{~A}, 24 \mathrm{~B},$ and $36 \mathrm{C} .$ Show the frequency and relative frequency distributions.

Example 2

A partial relative frequency distribution is given. a. What is the relative frequency of class D? b. The total sample size is 200 . What is the frequency of class D? c. Show the frequency distribution. d. Show the percent frequency distribution.

Example 3

A questionnaire provides 58 Yes, 42 No, and 20 No-Opinion answers. a. In the construction of a pie chart, how many degrees would be in the section of the pie showing the Yes answers? b. How many degrees would be in the section of the pie showing the No answers? c. Construct a pie chart. d. Construct a bar chart.

Example 4

In a recent report, the top five most-visited English-language websites were google.com (GOOG), facebook.com (FB), youtube.com (YT), yahoo. com (YAH), and wikipedia.com (WIKI). The most-visited websites for a sample of 50 Internet users are shown in the following table: a. Are these data categorical or quantitative? b. Provide frequency and percent frequency distributions. c. On the basis of the sample, which website is most frequently visited website for Internet users? Which is second?

Example 5

In alphabetical order, the six most common last names in the United States in 2018 were Brown, Garcia, Johnson, Jones, Smith, and Williams (United States Census Bureau website). Assume that a sample of 50 individuals with one of these last names provided the following data: $\begin{array}{lllll}\text { Brown } & \text { Williams } & \text { Williams } & \text { Williams } & \text { Brown } \\ \text { Smith } & \text { Jones } & \text { Smith } & \text { Johnson } & \text { Smith } \\ \text { Garcia } & \text { Smith } & \text { Brown } & \text { Williams } & \text { Johnson } \\ \text { Johnson } & \text { Smith } & \text { Smith } & \text { Johnson } & \text { Brown } \\ \text { Williams } & \text { Garcia } & \text { Johnson } & \text { Williams } & \text { Johnson } \\ \text { Williams } & \text { Johnson } & \text { Jones } & \text { Smith } & \text { Brown } \\ \text { Johnson } & \text { Smith } & \text { Smith } & \text { Brown } & \text { Jones } \\ \text { Jones } & \text { Jones } & \text { Smith } & \text { Smith } & \text { Garcia } \\ \text { Garcia } & \text { Jones } & \text { Williams } & \text { Garcia } & \text { Smith } \\ \text { Jones } & \text { Johnson } & \text { Brown } & \text { Johnson } & \text { Garcia }\end{array}$ Summarize the data by constructing the following: a. Relative and percent frequency distributions b. A bar chart c. A sorted bar chart d. A pie chart e. Based on these data, what are the three most common last names? Which type of chart makes this most apparent?

Scroll left
Scroll right

Step-by-Step Explanations

Scroll left
Scroll right

Common Mistakes

  • -
  • 2.
  • C
  • o
  • n