Statistics in Business: Data and Data Sets
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Questions and Answers

What is the primary purpose of Business Statistics in decision-making?

  • To understand trends and improve operations (correct)
  • To provide tools to deal with uncertainties and variations
  • To measure the performance of the organization
  • To collect and analyze numerical data
  • Which of the following is an assumption of the statistical test you plan to use?

  • Relevance
  • Comparability
  • Understand the assumptions of the statistical test (correct)
  • Nature of relationship
  • What is the term for the tools used to deal with uncertainties and variations in business?

  • Business Statistics
  • Descriptive Statistics
  • Statistical methods (correct)
  • Mathematics
  • In a business setting, which of the following is a role of statistics?

    <p>All of the above</p> Signup and view all the answers

    What is the term for the statistical methods applied to analyze business data?

    <p>Business Statistics</p> Signup and view all the answers

    Which of the following is an example of using Descriptive Statistics in business?

    <p>Calculating the mean number of customers who come in each day</p> Signup and view all the answers

    What is the primary purpose of descriptive statistics?

    <p>To summarize and describe the parameters of the population or sample</p> Signup and view all the answers

    What is the main difference between numerical and categorical data sets?

    <p>Numerical data sets contain numbers, while categorical data sets contain categories or labels</p> Signup and view all the answers

    What is the primary purpose of inferential statistics?

    <p>To estimate population parameters and test hypotheses with sample data</p> Signup and view all the answers

    What is the key factor in determining the type of statistics to use in a research study?

    <p>Type of data and research question</p> Signup and view all the answers

    What is the definition of statistics as a field of study?

    <p>A meta-science or metalanguage that aims to collect, analyze, summarize, and interpret data</p> Signup and view all the answers

    What is the purpose of statistics in business, according to Heyworth (1950)?

    <p>To serve as a bridge between initial and informed business judgement</p> Signup and view all the answers

    What is the primary purpose of time series analysis?

    <p>To make valuable predictions, explain observed changes, and identify cycles</p> Signup and view all the answers

    What type of statistical method is used to compare the value of a variable over time or across different locations?

    <p>Index Numbers</p> Signup and view all the answers

    What is the relationship between the amount spent on TV advertising and sales, according to the given regression model?

    <p>There is a positive correlation between TV advertising and sales</p> Signup and view all the answers

    What is the purpose of cluster analysis in business?

    <p>To segment consumers into groups based on certain characteristics</p> Signup and view all the answers

    What is the benefit of using data visualization in business?

    <p>It allows businesses to spot trends and patterns in data</p> Signup and view all the answers

    What is the purpose of measures of central tendency in business?

    <p>To summarize a collection of data points into a single value</p> Signup and view all the answers

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