QNT/275 STATISTICS IN BUSINESS
QNT/275 STATISTICS IN BUSINESS
QNT/275 STATISTICS IN BUSINESS

QNT/275 STATISTICS IN BUSINESS

QNT/275 Week 1

 

Statistics in Business
Option#1 - 908 words!

Option #2 - 1,190 words!
Develop a 875-word response that addresses each of the following prompts:
• Define statistics with citation and reference.
• Contrast quantitative data and qualitative data with citation and reference.
• Evaluate tables and charts used to represent quantitative and qualitative data.
• Describe the levels of data measurement.
• Describe the role of statistics in business decision-making.
• Provide at least two business research questions, or problem situations, in which statistics was used or could be used.
Format your assignment consistent with APA guidelines.

 

Learning Activity: The Role of Statistics in Business Decision-Making video

Watch the "The Role of Statistics in Business Decision-Making" video.
Consider the following as you watch:
• Describe probability theory.
• Explain how sampling theory relates to probability theory.
• Differentiate between a population and a sample.
• Explain, based on the video, why statistics is important in decision-making.

 

 

QNT/275 WEEK 2 ACTIVITY DATA SET LITTLETOWN CAFE
QNT/275 WEEK 2 QUIZ
QNT/275 WEEK 2 ACTIVITY DATA SET LITTLETOWN CAFE

QNT/275 WEEK 2 ACTIVITY DATA SET LITTLETOWN CAFE

QNT/275 Week 2

Activity Data Set
Option#1: 868 words!

Option#2: 1,173 words!

Resource: University of Phoenix Material: Data Set

Review the following business scenario:

You are the manager in a small town in the lake district of a Midwestern state that enjoys a robust tourist season during the summer months but has only a small population of residents during the off season. The
Littletown Café adjusts the levels of staff according to the time of year to coincide with the number of guests, with the tourist season typically starting around Memorial Day each year. One wait staff employee can serve 50 guests. When a bus staff employee is added, the pair can serve 75 guests. At 76 guests, the café adds a second wait staff employee, for a total of 2 waiters and one busser. Analysis of guest numbers can support future decisions about scheduling wait staff, dishwashers, and bus staff for the café.

Download the data set.

Review the data in the data set.

Create a 875-word report in which you do the following:

• Explain why this is (or is not) a suitable sample of quantitative data for the business scenario.
• Evaluate the factors that would affect the validity of the data set.
• Evaluate the factors that would affect the reliability of the data set.
• Explain the steps you took to arrive at your conclusion about validity and reliability.
• Display the data set in a chart
• Explain briefly why that chart type was selected
• Calculate the measures of central tendency and variability (mean, median, mode, standard deviation) for the data.
• Explain the steps you followed to come your answer.
• Interpret the measures of central tendency and variability. What are three conclusions you can draw based on the data analysis?
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.

 

Collaborative Discussion: Descriptive Statistics | REQUIRED
Read Case Study 3.3 in Ch. 3 of Essentials of Business Statistics found on page 98.
Click the Fort Myers Sales Data Set link.
Calculate descriptive statistics:the mean, median, mode, and standard deviation in the two sample periods (January and July).
Discuss one of the following:
• Identify what changes occurred in the Fort Myers housing market during the 6-month period.
• Explain what conclusions you can draw from the data.
• Identify what additional data you might want to understand the housing market better.
• Explain what role descriptive statistics play in understanding the housing market.

 

Learning Activity: Obtaining a Suitable Sample
Watch the "Obtaining a Suitable Sample" video.
Consider the following as you watch:
• Discuss the difference between convenience and random sampling.
• Explain how you can obtain a sample size representative of a population.
• Provide three examples.
• Explain why a sample is used in place of the population.

 

Learning Activity: Measuring Central Tendency and Variability

Watch the "Measuring Central Tendency and Variability" video.
Consider the following as you watch:
• Define the three standard measurements of the central tendency and provide example of each.
• Explain when you might want to use a median number.
• Provide an example.
• Define a standard deviation and what a standard deviation shows, provide an example.

 

Learning Activity: Mean, Median, and Variability

Watch the "Measuring Central Tendency and Variability" video.
Consider the following as you watch:
• Define the three standard measurements of the central tendency and provide example of each.
• Explain when you might want to use a median number.
• Provide an example.
• Define a standard deviation and what a standard deviation shows, provide an example.

 

Learning Activity: Mean, Median, and Mode

Watch the "Statistics Intro: Mean, Median, and Mode" video.
Consider the following as you watch:
• Explain how mean is calculated.
• Explain how a median is calculated with an even number list.
• Define an array.
• Provide an example.
• Define a mode.
• Identify if you can have more than one modal number in a set of data.

 

Learning Activity: Finding the Range and Mid-Range

Watch the "Finding the Range and Mid-Range" video.
Consider the following as you watch:
• Define a range and provide two examples.
• Calculate a mid-range and provide two examples

 

Individual: Week 2 Quiz

Includes Correct Answers!

1. ​In order to summarize qualitative data, a useful tool is a __________. 
2. ​The accompanying chart shows the numbers of books written by each author in a collection of cookbooks. What type of chart is this?
3. ​A recent survey of 200 small firms (annual revenue less than $10 million) asked whether an increase in the minimum wage would cause the firm to decrease capital spending. Possible responses to the survey question were: "Yes," "No," or "Don't Know." These data are best classified as ____________. 
4. ​ABC Plumbing wants to understand its customers’ perceptions of the quality of the company’s plumbing service calls. They plan to survey a sample of its customer base. What will ABC need to do to ensure that their data is valid and reliable?
5. A stem-and-leaf diagram is constructed by separating each value of a data set into two parts. What are these parts?
6. A population consists of _________________.
7. ​Which of the following variables is qualitative? 
8. ​Which of the following represents a population and a sample from that population?
9. Which of the following variables is quantitative?​

QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1
QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1
QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1

QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1

QNT/275 Week 3

CLO Business Decision-Making Project Part 1
Option#1: 732 Words! - Bank of America

Option#2: 1,389 Words! - Staples, Inc.

Option#3: 1,057 Words! - Harris Bank
Identify a business problem or opportunity at a company where you work or with which you're familiar. This will be a business problem that you use for the individual assignments in Weeks 3-5. It should be a
problem/opportunity for which gathering and analyzing some type of data would help you understand the problem/opportunity better.
Identify a research variable within the problem/opportunity that could be measured with some type of data collection.
Consider methods for collecting a suitable sample of either qualitative or quantitative data for the variable.
Consider how you will know if the data collection method would be valid and reliable.
Develop a 1,050-word analysis to describe a company, problem, and variable.
Include the following in your submission:
• Identify the name and description of the selected company,
• Describe the problem at that company,
• Identify one research variable from that problem,
• Describe the methods you would use for collecting a suitable sample
of either qualitative or quantitative data for the variable (Note: do not
actually collect any data)
• Analyze how you will know if the data collection method would
generate valid and reliable data (Note: do not actually collect any data)
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.

 

 

Collaborative Discussion: Probability | REQUIRED
Resource: Case Study 5.2 in Chapter 5 of Essentials of Business Statistics
Calculate the requested probabilities for items 1-3.
Discuss your findings for the probabilities.
• Identify the smoking trend from 1997-2007.
• Explain whether this is a discrete, continuous, or conditional probability.
• Explain how probabilities help you understand trends in data.
• Recommend steps related to smoking behavior based on this trend.

 

 

Week 3 Quiz
Includes Correct Answers!

  1. For any normally distributed random variable with mean μ and standard deviation σ, the percent of the observations that fall between   and    is closest to _______. ​
  2. You work in marketing for a company that produces work boots. Quality control has sent you a memo detailing the length of time before the boots wear out under heavy use. They find that the boots wear out in an average of 208 days, but the exact amount of time varies, following a normal distribution with a standard deviation of 14 days. For an upcoming ad campaign, you need to know the percent of the pairs that last longer than six months-that is, 180 days. Use the empirical rule to approximate this percent.​
  3. What is probability? 
  4. ​Which of the following is correct?
  5. ​A continuous random variable has the uniform distribution on the interval [ab] if its probability density functionf(x) ___________.
  6. ​The probability that a normal random variable is less than its mean is ____. 
  7. ​Which of the following can be represented by a continuous random variable?
  8. ​What does it mean when we say that the tails of the normal curve are asymptotic to the x axis?
  9. ​Which of the following can be represented by a discrete random variable?
  10. Mutually exclusive and collectively exhaustive events _______________.​

 

QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1
QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1
QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1

QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1

QNT/275 Week 4

CLO Business Decision Making Project, Part 2
Option#1: 563 Words! - Bank of America

Option#2: 1,368 Words! - Staples, Inc.

Option#3: 1,038 Words! - Harris Bank
Use the same business problem/opportunity and research variable you wrote about in Week 3.
Remember: do not actually collect any data; think hypothetically.
Develop a 1,050-word report in which you:
• Identify the types of descriptive statistics that might be best for summarizing the data, if you were to collect a sample.
• Analyze the types of inferential statistics that might be best for analyzing the data, if you were to collect a sample.
• Analyze the role probability or trend analysis might play in helping address the business problem.
• Analyze the role that linear regression for trend analysis might play in helping address the business problem.
• Analyze the role that a time series might play in helping address the business problem.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.

 

Collaborative Discussion: Linear Regression | REQUIRED
Resource: Case Study 12.1 in Chapter 12 of Essentials of Business Statistics.
Click the Sushi Restaurant Data Set link.
Calculate the linear regression in item 1 of the case study.
Discuss the following:
• Explain if simple regression or multiple regression is more appropriate for making predictions in this case.
• Predict what will happen to sales based on unemployment rate and the level of advertising
• Justify your predictions.

 

Learning Activity: Correlation and Causality

Watch the "Correlation and Causality" video.

  • Define a correlation and provide an example
  • Define causality?
  • Explain if correlation causes causality. 
  • Provide evidence with an example.

Learning Activity: Using Time Series to Analyze Business Trends
Watch the "Using Time Series to Analyze Business Trends" video.
• Identify the four components of time series.
• Provide an example of each component and how it might be used in business

Explain if this data becomes obsolete over time.

 

Career Connection Discussion: Forecasting
Discuss the following:
• Explain what you have learned throughout this course with probability and how you think that will affect your forecasting decisions in your current or future company.
• Predict how you will use probability in your current or future company?

 

Week 4 Quiz

Correct Answers Included!

  1. Which of the following violates the assumptions of regression analysis?
  2. ​Consider the following simple linear regression model:   The response variable is: 
  3. ​Serial correlation is typically observed in:
  4. ​The standard error of the estimate measures:
  5. What is the name of the variable that's used to predict another variable?​
  6. Which of the following variables is not qualitative?​
  7. ​Another name for an explanatory variable is the ___. 
  8. Consider the following simple linear regression model:   β0 and β1 are:​
  9. For a given set of explanatory variables, in general:
  10. ​In a simple linear regression model, if the plots on a scatter diagram lie on a straight line, what is the standard error of the estimate?

 

QNT/275 FINAL EXAM WEEK 5
QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1
QNT/275 CLO BUSINESS DECISION-MAKING PROJECT PART 1

QNT/275 FINAL EXAM WEEK 5

QNT/275 - Week 5

 

CLO Business Decision Making Project, Part 3
Option#1: Bank of America Presentation

Option#2: Staples, Inc. Presentation

Option#3: Harris Bank Presentation
Prepare an 11- to 15-slide Microsoft PowerPoint presentation for the senior management team based on the business problem or opportunity you described in Weeks 3-4.
Include on the slides what you'd want the audience to see (include appropriate visual aids/layout) and include in the Speaker's Notes section what you'd say as you present each slide. If any source material
is quoted or paraphrased in the presentation, use APA citations and references.
Draw on material you developed in the Weeks 3-4 assignments.
Include the following in your presentation:
• Introduction slide
• Agenda slide
• Describe the organization, with a brief description
• Explain the business problem or opportunity
• Analyze why the business problem is important
• Identify what variable would be best to measure for this problem. Explain why.
• Apply data analysis techniques to this problem (tell which techniques should be used: descriptive stats, inferential stats, probability, linear regression, time series). Explain why.
• Apply a possible solution to the problem/opportunity, with rationale.
• Evaluate how data could be used to measure the implementation of such a solution.
• Conclusion
• References slide (if any source material is quoted or paraphrased throughout the presentation)
Format your assignment consistent with APA guidelines.

 

Week 5 Final Exam

QNT 275 Final Exam

**The questions and their respective choices will not be in this exact order**

  1. What is the name of the variable that's used to predict another variable? 
  2. Professors at a local university earn an average salary of $80,000 with a standard deviation of $6,000. The salary distribution is approximately bell-shaped. What can be said about the percentage of salaries that are at least $74,000? 
  3. What type of relationship is indicated in the scatterplot? 
  4. The study of statistics can be defined as:
  5. In the accompanying stem-and-leaf diagram, the values in the stem and leaf portions represent 10s and 1s digits, respectively. The stem-and-leaf diagram shows that the distribution is __________. 
  6. ​​ Which of the following is most influenced by outliers?  
  7. Serial correlation is typically observed in: 
  8. In the sample regression equation   what is   ?
  9. Bias can occur in sampling. Bias refers to ______________. 
  10. 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? 
  11. Which of the following can be represented by a continuous random variable?
  12. Consider a population with data values of 12, 8, 28, 22, 12, 30, 14.The median is:
  13. The salaries of teachers in a particular school district are normally distributed with a mean of $50,000 and a standard deviation of $2,500. Due to budget limitations, it has been decided that the teachers who are in the top 2.5% of the salaries would not get a raise. What is the salary level that divides the teachers into one group that gets a raise and one that doesn't?
  14. The two branches of the study of statistics are generally referred to as ___________. 
  15. The estimation of which of the following requires sampling? 
  16. Which of the following meets the requirements of a stratified random sample?
  17. A Manager of a fast food restaurant wants to ensure that staff are scheduled with the sufficient hours required to meet customer demands without overspending on labor costs. The manager has daily guest counts, sales data, and staff hours for the prior year. What should the manager do next in order to reach conclusions about scheduling restaurant staff? 
  18. A-Plus Dry Cleaners wants to understand its customers’ perceptions of the quality of the company’s customer service. They plan to survey a sample of its customer base. What will A-Plus need to do to ensure that their data is valid and reliable? 
  19. Which scales of data measurement are associated with quantitative data?
  20. The owner of a company has recently decided to raise the salary of one employee, who was already making the highest salary, by 20%. Which of the following is (are) expected to be affected by this raise?
  21. Which of the following violates the assumptions of regression analysis?
  22. A hedge fund returns on average 26% per year with a standard deviation of 12%. Using the empirical rule, approximate the probability the fund returns over 50% next year.
  23. Mutually exclusive events ______________. 
  24. What is (are) the most widely used measure(s) of dispersion? 
  25. Frequency distributions may be used to describe which of the following types of data?  
  26. A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?
  27. Horizontal bar charts are constructed by placing: 
  28. Which of the following can be represented by a discrete random variable? 
  29. Which of the following is a quantitative variable?