Chapter 1 Homework: Please submit your assignment to Blackboard.
Basic Concept Questions
1. Explain the importance of statistics in business.
2. Explain the difference between data and information.
3. What is a metric, and how does it differ from a measure?
4. Explain the difference between a discrete and a continuous metric.
5. Explain the differences between categorical, ordinal, interval, and ratio data.
6. Explain the difference between cross‐sectional and time‐series data.
7. What is the difference between a population and a sample?
8. What is statistical thinking? Why is it an important managerial skill?
9. List the different types of charts available in Excel, and explain characteristics of data sets that make each chart most appropriate to use.
Problems and Application
Problem 1
For the Excel file Credit Approval Decisions, identify each of the variables as categorical, ordinal, interval, and ratio.
Problem 2
Data from the 2000 U.S. Census show the following distribution of ages for residents of Ohio:
Total Households 4,445,773
Family households (families) 2,993,023
With own children under 18 years 1,409,912
Married‐couple family 2,285,798
With own children under 18 years 996,042
Female householder, no husband present 536,878
With own children under 18 years 323,095
Nonfamily households 1,452,750
Householder living alone 1,215,614
Householder 65 years and over 446,396
a. Construct a column chart to visually represent these data.
b. Construct a stacked bar chart to display the sub categories where relevant. (Note that you will have to compute additional subcategories, for instance, under Family households, the number of families without children under 18, so that the total of the subcategories equals the major category total. The sum of all categories does not equal the total.)
c. Construct a pie chart showing the proportion of households in each category.
Problem 3
The Excel file Energy Production & Consumption provides various energy data since 1949.
a. Construct an area chart showing the fossil fuel production as a proportion of total energy production.
b. Construct line charts for each of the variables.
c. Construct a line chart showing both the total energy production and consumption during these years.
d. Construct a scatter diagram for total energy exports and total energy production.
e. Discuss what information the charts convey.
Problem 4
The Excel file Freshman College Data provides data from different colleges and branch campuses within one university over four years.
a. Construct appropriate charts that allow you to contrast the differences among the colleges and branch campuses.
b. Write a report to the academic vice president explaining the information.
Problem 5
Modify the Excel file Major League Baseball to identify teams that have either a winning or losing record. Use Excel functions to find the minimum and maximum values for each type of data and count the number of teams with winning and losing records.
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