1. Give an example of descriptive statistics in the recorded music industry. Giv
ID: 3274759 • Letter: 1
Question
1. Give an example of descriptive statistics in the recorded music industry. Give an example of how inferential statistics could be used in the recorded music industry. Compare the two examples. What makes them different? • 2. Suppose you are an operations manager for a plant that manufactures batteries. Give an example of how you could use descriptive statistics to make better managerial decisions. Give an example of how you could use inferential statistics to make better managerial decisions. • 3. Suppose you are the owner of a medium-sized restaurant in a small city. What are some variables associated with different aspects of the business that might be helpful to you in making business decisions about the restaurant? Name four of these variables, and for each variable, briefly describe a numerical observation that might be the result of measuring the variable. • 4. Classify each of the following as nominal, ordinal, interval, or ratio data. a. The time required to produce each tire on an assembly line b. The number of quarts of milk a family drinks in a month c. The ranking of four machines in your plant after they have been designated as excellent, good, satisfactory, and poor d. The telephone area code of clients in the United States e. The age of each of your employees f. The dollar sales at the local pizza shop each month g. An employee's identification number h. The response time of an emergency unit • 5. Classify each of the following as nominal, ordinal, interval, or ratio data. a. The ranking of a company in the Fortune 500 b. The number of tickets sold at a movie theater on any given night c. The identification number on a questionnaire d. Per capita income e. The trade balance in dollars f. Profit/loss in dollars g. A company's tax identification h.
The Standard & Poor's bond ratings of cities based on the following scales:
RATING GRADE
Highest quality AAA
High quality AA
Upper medium quality A
Medium quality BBB
RATING GRADE
Somewhat speculative BB
Low quality, speculative B
Low grade, default possible CCC
Low grade, recovery possible CC
Default, recovery unlikely C
Explanation / Answer
Dear Student, As per Chegg policy, Please post one question at a time. Kindly post other parts of the question in seperate thread.
Solution:
Examples of descriptive statistics in music industry can be :
Difference between Descriptive statistics and Inferential statistics
Descriptive statistics basically deals with the whole data under consideration, whereas inferential statistics deals with the part of data selected from the whole considered population data
Here,
Inferential statistics refers to stats from which we can infer or deduce insights about the population
1) Sample a set of customers from the entire population , check the average amount spent by the sample on listening the recorded music , infer the same for the population.
2) Determine the average length of albums by sampling few albums of the population and then deducing the avergae length of the whole population.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.