Draft a word response to each of the bulleted questions below. Each question must have its own response and have a minimum of 50 words.
- The reading on Statistics for Business mentions patterns and how we can create models once we have identified a pattern. How would you define a pattern? How would you define a model?
- What are some examples of patterns do businesses take advantage of?
- What are some measurements of variation that we can apply to numerical data?
- With a Statistics for Business thought process, answer the following questions in 200-300 words.a) What is the difference between categorical and numerical (quantitative) data?
- b) Suppose you’re preparing a survey to collect customer satisfaction data. Three of the questions in the survey are:
- Gender (male / female)
2. How satisfied are you with our service?
Very satisfied / Satisfied / Not satisfied
3. What is your Age Group (<25 / 25 – 40 / 41 – 65 / 65+)
4. What is your Zip Code?
Which questions would provide categorical data?
- A categorical variable denotes the state of residence for customers to a Web site. Would you prefer to see a bar chart, a pie chart, or a frequency table? Would it be useful to combine some of the categories? Why?
- StartupsThe Wall Street Journal (January 12, 2011) reported the results of a survey of reasons given by 18- 34-year-olds for not starting their own businesses. The 872 respondents gave the following reasons.
|Being unable to get a loan or credit||41%|
|Too much risk and uncertainty||31%|
|Not knowing how to run a business||19%|
|Lacking the skills to start and run a business||13%|
|No role models to show the way||12%|
- a) Would it be appropriate to show these percentages in a pie chart?
- b) Do these responses define ordinal data?
- c) What display would you recommend for showing these data?
- What are the 5 values presented in the five-number summary of a box plot?
- How do we calculate the upper quartile and what does it represent?