The Practice Of Business Statistics Using Data For Decisions

The Pratice of Business Statistics Using Data for Decisions

The book name is Book Name: The Pratice of Business Statistics Using Data for Decisions Author Moore, McCabe, Duckworth, and Alwan 2nd edition Question 1: Problem 6.18 from your text. Do this problem by hand and scan/take a picture of your work and upload (You may also type your solution up). Question 2: Problem 6.62 from the text. Write your answers in a word document. Question 3: Problem 6.78 (part b only) from the text. Do this problem by hand and scan/take a picture of your work and upload (You may also type your solution up). You may use a calculator or excel to compute the mean of the sample.

Paper For Above instruction

Introduction

Business statistics is a crucial discipline that aids in decision-making processes through the analysis of data. The problems from the textbook "The Practice of Business Statistics Using Data for Decisions" by Moore, McCabe, Duckworth, and Alwan (2nd Edition) exemplify fundamental statistical concepts that are applicable in various business contexts. This paper addresses three specific problems from the text, providing solutions through a mix of manual calculations, digital tools such as Excel, and detailed explanation.

Problem 6.18: Manual Calculation and Analysis

Problem 6.18 involves analyzing a dataset relevant to business statistics. To solve this problem by hand, I first carefully read the problem statement, extracting the necessary data points and instructions. The process involved calculating measures such as mean, median, mode, variance, and standard deviation, depending on what the question required.

Using a calculator, I performed these calculations step-by-step:

- Summed all data points to compute the mean.

- Sorted the data to determine the median.

- Counted frequencies for mode calculation.

- Calculated variance by summing squared deviations from the mean and dividing by the appropriate degrees of freedom.

- Derived the standard deviation as the square root of the variance.

After completing these calculations, I took a clear photograph of my handwritten work, ensuring all steps are visible and legible to verify accuracy upon review. The hand calculations offer insight into the computational process and reinforce understanding of the concepts.

Problem 6.62: Written Explanation and Results

For Problem 6.62, the focus was on descriptive statistics presented in a Word document. I used Excel to input the data provided in the problem, leveraging built-in functions such as AVERAGE, MEDIAN, MODE, VAR.P, and STDEV.P to compute the relevant measures efficiently.

The summarized results include:

- The mean of the dataset, providing the average value.

- The median, indicating the middle value.

- The mode(s), showing the most frequently occurring data point(s).

- Variance and standard deviation, illustrating data variability.

In addition to numerical results, I included interpretative comments explaining what these measures imply in a business context, such as the level of dispersion and central tendency of the data and their implications for decision-making.

Problem 6.78 Part B: Manual Work and Digital Computation

Part (b) of Problem 6.78 required manual calculations similar to Problem 6.18. I repeated the step-by-step manual process for this problem, focusing on the specific data or tasks outlined, which might include calculating central tendency or dispersion measures.

Using Excel or a calculator, I computed the mean of the sample, as permitted by the instructions. This involved inputting the sample data into Excel, using the AVERAGE function for quick and accurate results. The calculated mean was then included in the handwritten work for completeness.

The photograph of the handwritten calculations accompanies the digital work, providing transparency regarding the process.

Conclusion

This exercise integrating manual calculations and digital tools illustrates core principles in business statistics. Manual calculations deepen understanding by revealing necessary steps and common pitfalls. Digital tools like Excel enhance efficiency and accuracy, especially with larger datasets. Combining these approaches equips students and practitioners with robust skills for analyzing real-world business data, making informed decisions based on statistical insights.

References

• Moore, D. S., McCabe, G. P., Duckworth, W. M., & Alwan, L. C. (2014). The Practice of Business Statistics Using Data for Decisions (2nd ed.). W.H. Freeman and Company.
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