By Douglas A. Lind
Lind/Marchal/Wathen is a perennial industry top vendor because of its accomplished insurance of statistical recommendations and strategies introduced in a pupil pleasant, step by step structure. The textual content offers suggestions truly and succinctly with a conversational writing sort and illustrates strategies in the course of the liberal use of business-focused examples which are appropriate to the present international of a faculty scholar. often called a “student's text,“ Lind's helping pedagogy contains self-reviews, cumulative routines, and assurance of software program purposes together with Excel, Minitab, and MegaStat for Excel. And now, McGraw-Hill's adaptive studying part, LearnSmart, presents assignable modules that aid scholars grasp bankruptcy middle strategies and are available to category extra ready. additionally, assets inside of attach aid scholars clear up difficulties and follow what they have realized. Lind's real-world examples, finished assurance, and better pedagogy mix with a whole electronic method to support scholars in attaining larger results within the course.
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Extra resources for Statistical Techniques in Business and Economics
It is a qualitative variable. 56. How do we interpret this statistic? You are correct in concluding that it has no meaning as a measure of M&M color. As a qualitative variable, we can only report the count and percentage of each color in a bag of M&Ms. As a second example, in a high school track meet there are eight competitors in the 400-meter run. 5. What does the mean finish tell us? Nothing! In both of these instances, we have not used the appropriate statistics for the level of measurement.
Table 1–2 illustrates the ratio scale of measurement for the variable, annual income for four father-and-son combinations. Observe that the senior Lahey earns twice as much as his son. In the Rho family, the son makes twice as much as the father. TABLE 1–2 Father–Son Income Combinations Name Father Son Lahey $80,000 $ 40,000 Nale 90,000 30,000 Rho 60,000 120,000 Steele 75,000 130,000 11 WHAT IS STATISTICS? Levels of Measurement Nominal Ordinal Interval Ratio Data may only be classified Data are ranked Meaningful difference between values Meaningful 0 point and ratio between values • Your rank in class • Team standings in the Southeastern Conference • Jersey numbers of football players • Make of car • Temperature • Dress size • Number of patients seen • Number of sales calls made • Distance to class CHART 1–3 Summary and Examples of the Characteristics for Levels of Measurement Chart 1–3 summarizes the major characteristics of the various levels of measurement.
B. The ordinal level of measurement presumes that one classification is ranked higher than another. C. The interval level of measurement has the ranking characteristic of the ordinal level of measurement plus the characteristic that the distance between values is a constant size. D. The ratio level of measurement has all the characteristics of the interval level, plus there is a 0 point and the ratio of two values is meaningful. CHAPTER EXERCISES 5. Explain the difference between qualitative and quantitative variables.
Statistical Techniques in Business and Economics by Douglas A. Lind