Business Statistics – QNT 561 – WK 1 Questions

Answer the 8 questions below, each question minimum of 80 words. Must be in APA format, please identify the questions on paper. Cannot accept more than 5% plagiarism, it will be submitted to TurnItIn

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References: Ken ,Black. (2016). Business Statistic For contemporary Decision Making 9th Edition

Feel free to use more than one reference.

Ch 1 – introduction to statistics

1. Think about the four common levels of data measurement: nominal, ordinal, interval and ratio. Choose two and provide an example of each. Illustrate your answer with examples as needed.

2. Define important statistical terms, including population, sample, and parameter, as they relate to descriptive and inferential statistics.

3. Explain the difference between variables, measurement, and data.

Ch 3 – Descriptive Statistics

4. Give an example of descriptive statistics that could be found at Starbucks. Give an example of how inferential statistics could be used by Starbucks. Compare the two examples. What makes them different?

5. Describe a data distribution statistically and graphically using skewness, kurtosis, and box-and-whisker plots.

Ch 4 – Probability

6. Relative frequency is one of the three methods for calculating probability. Suppose you are the Manager of a Starbucks Store, provide an example of probability using the relative frequency method for a common event or occurrence in your store location. Detail and discuss your example with metrics and provide the final probability.

7. Describe what probability is and when one would use it.

8. Calculate conditional probabilities with various forms of the law of conditional probability, and use them to determine if two events are independent.

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