Show your work for full credit A recent report by Craft shows that the following
ID: 3044885 • Letter: S
Question
Show your work for full credit
A recent report by Craft shows that the following companies had the lowest revenue per employee among the S&P 500 companies in 2016.
Sales per Employee
(In $1,000s) Sales
Amphenol Corporation
Envision Healthcare
Marriot International
Chipotle Mexican Grill
Darden Restaurants
How many elements are in the above data set? (3 pts.)
How many variables are in the above data set? (2 pts.)
How many observations are in the above data set? (3 pts.)
Name the variables and indicate whether they are categorical or quantitative. (10 pts.)
For which variables are arithmetic operations appropriate and for which are they not appropriate? Explain. (12 pts.)
Sales per Employee
(In $1,000s) Sales
Amphenol Corporation
Envision Healthcare
Marriot International
Chipotle Mexican Grill
Darden Restaurants
Explanation / Answer
An element refers to the entity on whicbwdata are collected. In the question, there 5 companies whose names are mentioned. So, there are 5 elements in the data set.
A variable is a characteristic of interest for the element. In the question, there are 2 variables, sales per employee and sales.
Observations are the set of measurements collected for every element. There are 2 x 5 = 10 observations in all.
The variables are sales per employee and sales. Both the variables are quantitative. If there was a rank variable, it would have been qualitative.
Arithmetic operations are appropriate for quantitative variables, but not appropriate for qualitative variables. As an example, we can add, subtract, multiply or divide the sales and sales per employee, but such operations don't have a meaning on qualitative variables like ranks of companies, names of directors, etc.
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