By Gerald Keller
Facts FOR administration AND ECONOMICS, 10th version, emphasizes purposes over calculation. It illustrates how very important statistical equipment and instruments are for todays managers--and teaches you the way to use them to actual enterprise difficulties. utilizing a confirmed three-step «ICI» method of challenge fixing, the textual content teaches you the way to spot the right kind statistical procedure by way of targeting the matter target and knowledge style the way to COMPUTE the information doing them via hand, utilizing Excel, or utilizing MINITAB and the way to INTERPRET leads to the context of the matter. This special approach complements your comprehension and sensible abilities.
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It is also important to note that we cannot treat lower-level data types as higherlevel types. The definitions and hierarchy are summarized in the following box. Types of Data Interval Values are real numbers. All calculations are valid. Data may be treated as ordinal or nominal. Ordinal Values must represent the ranked order of the data. Calculations based on an ordering process are valid. Data may be treated as nominal but not as interval. Copyright 2014 Cengage Learning. All Rights Reserved.
The values of this variable are single, married, divorced, and widowed. Notice that the values are not numbers but instead are words that describe the categories. We often record nominal data by arbitrarily assigning a number to each category. For example, we could record marital status using the following codes: single = 1, married = 2, divorced = 3, widowed = 4 However, any other numbering system is valid provided that each category has a different number assigned to it. Here is another coding system that is just as valid as the previous one.
Sample c. parameter d. statistic e. 2 Briefly describe the difference between descriptive statistics and inferential statistics. 3 A politician who is running for the office of mayor of a city with 25,000 registered voters commissions a survey. In the survey, 48% of the 200 registered voters interviewed say they plan to vote for her. a. What is the population of interest? b. What is the sample? c. Is the value 48% a parameter or a statistic? Explain. 4 A manufacturer of computer chips claims that less than 10% of its products are defective.
Statistics for Management and Economics by Gerald Keller