Discussion Questions

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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?

 

b) Suppose you're preparing a survey to collect customer satisfaction data. Three of the questions in the survey are:


1. 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?

 

5.       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?

6.        Startups The 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%

a)       Would it be appropriate to show these percentages in a pie chart?

b)       Do these responses define ordinal data?

c)        What display would you recommend for showing these data?

 

7.       What are the 5 values presented in the five-number summary of a box plot?

 

8.       How do we calculate the upper quartile and what does it represent?

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