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Select four variables, other than what your fellow students have already selected, that
could be measured by nominal, ordinal, interval, and ratio scale. Classify them by
measurement scale and select descriptive statistics that can be used to summarize
data. Use the following table when posting your response:
Variable
Level of Measurement
Descriptive Stat and Justify Selection
Define statistics.
Identify different types and levels of statistics.
Describe the role of statistics in business decision-making.
Provide at least two examples or problem situations in which statistics was used or
could be used.
Format your summary consistent with APA guidelines.
Describe a business situation, other than what has already been selected by fellow
students or selected from the team assignment, where mean and standard deviation
can be used in decision making. Describe how calculation of mean and standard
deviation can help in making a decision.
What are the various methods one can use to identify the shape of data distribution
collected for research study? Why it is important to know the shape of distribution?
How it can be used in decision making? Provide examples other than those already
posted in class.
Select an article from a news magazine or research journal where data is displayed in
a pie or bar chart. Describe the data displayed in the chart and what conclusion you
could draw.
An oil change shop advertised to change oil within 15 minutes. Based on the data
collected on a typical day, what is the probability that oil change will take 15 minutes
or less time? Based on the data, do you think the business claim is valid? Explain
why or why not.
Class Interval
Frequency
What are some conditions under which business decisions are made using subjective
probability concepts? Provide at least two examples of subjective probability.
Does correlation equal causation? Does the strength of correlation depend on the
direction? What is the meaning of a zero correlation? Explain your answers.
What are the requirements that must be met for a regression analysis? What
happens if these requirements are violated? Why is analysis of residuals important?
How would you select appropriate statistical tests for analysis research data? What
aspects of research questions or data types are relevant considerations in choosing
your tests? Why?
How do you know you have validated a research study based on data gathered from
primary or secondary sources? Have you been involved with any product testmarketing project? Explain. How did the resulting statistics affect the product's
marketing strategy? How can organizations skew the statistical outcomes of their
business research?
In what way has the learning from this course helped you to effectively test
hypotheses, draw conclusions, and provide recommendations to management?
Consider what you have achieved in your research study conducted for this course.