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What is the difference between categorical and numerical (quantitative) data?Explain.

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.

 

  1. 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?
  2. What are some examples of patterns do businesses take advantage of?
  3. What are some measurements of variation that we can apply to numerical data?
  4. 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?
  1. b) Suppose you’re preparing a survey to collect customer satisfaction data. Three of the questions in the survey are:
  2. 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?

  1. 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?
  2. 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.
Reason Percentage
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%
  1. a) Would it be appropriate to show these percentages in a pie chart?
  2. b) Do these responses define ordinal data?
  3. c) What display would you recommend for showing these data?
  1. What are the 5 values presented in the five-number summary of a box plot?
  1. How do we calculate the upper quartile and what does it represent?

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