- Description
QNT 275 Week 1 Data Analysis
1 Explain the role of statistics in business and its application in business decisions making.
2 Differentiate between quantitative and qualitative data and levels of data measurement.
3 Produce tables and charts to organize and display quantitative and qualitative business data.
Learning Activities Required
The Role of Statistics in Business Decision-Making
Watch the “The Role of Statistics in Business Decision-Making” video.
Materials
- The Role of Statistics in Business Decision-Making
Basic Business Math: Charts and Graphs
Watch the “Basic Business Math: Charts and Graphs” Skillsoft® videos:
- Reading Graphs and Charts
- Good Practice for Designing Charts and Graphs
- Selecting the Right Chart Type
Data Collection
Watch the “Data Collection” video
Essentials of Business Statistics, Ch. 1
Take Notes: This chapter introduces a great deal of vocabulary that will be important to building statistics literacy throughout the course
Essentials of Business Statistics, Ch. 2
Presenting Data Effectively, Ch. 1
Presenting Data Effectively, Ch. 2
Read the “How Do I Use Images in Effective Ways” section in Ch. 2 “Graphics” of Presenting Data Effectively: Communicating your Findings for Maximum Impact.
Final Exam Preparation
Review weekly topics and objectives in preparation for the final exam.
Discuss any questions or clarifications you need with the class.
Final Exam Sample Question #1 for Week 1
Below is a sample question that you may see on a quiz or on the final exam based on this Week’s Material
- The study of statistics can be defined as:
Simply put Statistics is the study of collecting, analyzing, presenting, and interpreting data. What are your thoughts? Would you agree with my assessment?
Final Exam Sample Question #2 for Week 1
Below is another sample question that you could see on a quiz or on the Final:
The manager of a retail shoe store has applied statistics to analyze sales, purchasing, and data and reached the conclusion that the store could reduce costs by reducing inventory of very small and very large sizes, and substituting an online ordering service to drop-ship rare sizes directly from suppliers. How should the manager communicate those results to the store owner?
Probably the best action for the manager would be to summarize the recommendations, supported by visual representation of the data and statistics. What are your thoughts on what his/her action to be?
Final Exam Sample Question #3 for Week 1
Check out the following question that you may see on the Final:
The two branches of the study of statistics are generally referred to as descriptive and inferential statistics
What are the differences between Descriptive and Inferential Statistics?
Final Exam Sample Question #4 for Week 1
Here is another question that you may see on a quiz or the final:
Which of the following is a quantitative variable?
House Prices
House Age
House Size
All of the Above
In this case, I would select all the above. This is because quantitative variables are numeric in nature. Which in this case, every variable that you see listed applies to a quantitative variable. What are your thoughts?
Da’ Hermis Burger Joint
Tell me the Mean Mode and Median for the following data: The “Hermis Burger Joint” is a real greasy joint but they make great fried chicken, waffles and apple pie (mmmm…..Pie)! You lika da Yeero?!
If you are ever on Roselle Rd. in Schaumburg Il….check out Country Doughnuts….best doughnuts east of the Mississippi!
The Hermis Burger Joint pays its 5 hourly employees $6, $3, $5, $7 and $6 per hour.
What is the Mean Mode and Median of the data.
The Wisconsin Water Table
Wisconsin Water Table
This is a great example of a real table that you can find in academic journals or government periodicals.
All you have to do is find the mean, standard deviation and variance. We are going to be using this very same table for Z-score as well:
The following table presents a data file that lists the peak discharge from a hydroelectric project in
Wisconsin for the years 1957 to 1968. The variable peak discharge has an interval level of measurement.
Year Peak Discharge
1957 1,120
1958 2,380
1959 886
1960 1,420
1961 1,480
1962 1,200
1963 657
1964 1,280
1965 1,640
1966 1,280
1967 1,740
1968 1,380
(source: U.S. Department of the Interior, Geological Survey, Water Resources Divisions, Estimating Magnitude and Frequency of Floods in Wisconsin, 1971. p. 77. I19.2:W75)