Statistics in Business: Data and Data Sets

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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?

All of the above (D) Signup and view all the answers

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

Business Statistics (D) Signup and view all the answers

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

Calculating the mean number of customers who come in each day (A) Signup and view all the answers

What is the primary purpose of descriptive statistics?

To summarize and describe the parameters of the population or sample (A) Signup and view all the answers

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

Numerical data sets contain numbers, while categorical data sets contain categories or labels (A) Signup and view all the answers

What is the primary purpose of inferential statistics?

To estimate population parameters and test hypotheses with sample data (D) Signup and view all the answers

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

Type of data and research question (A) Signup and view all the answers

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

A meta-science or metalanguage that aims to collect, analyze, summarize, and interpret data (A) Signup and view all the answers

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

To serve as a bridge between initial and informed business judgement (A) Signup and view all the answers

What is the primary purpose of time series analysis?

To make valuable predictions, explain observed changes, and identify cycles (D) 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?

Index Numbers (D) 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?

There is a positive correlation between TV advertising and sales (B) Signup and view all the answers

What is the purpose of cluster analysis in business?

To segment consumers into groups based on certain characteristics (C) Signup and view all the answers

What is the benefit of using data visualization in business?

It allows businesses to spot trends and patterns in data (A) Signup and view all the answers

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

To summarize a collection of data points into a single value (A) Signup and view all the answers