Business statistics are statistics applied to the business world in an effort to

Question

Business statistics are statistics applied to the business world in an effort to improve people's decision making in fields such as marketing research, operations, finance, and advertising. One of the major reasons to use statistics is to transform data into information. Primary data is data collected by the person or organization that eventually uses the data. Analyzing unemployment data from the Bureau of Labor Statistics is an example of using secondary data. Analyzing snowfall amounts in New York over the past 100 years to help predict future weather patterns is an example of using primary data. A manager of an electronics store would like to investigate the impact that price has on the demand for laptop computers. Each week, the price of a Dell laptop is adjusted and the demand for each week is recorded. This is an example of an experiment being used to collect data. To help ensure good questionnaire design, it is recommended that a survey is tested on a small group of respondents before releasing it to the actual participants. Education level is an example of nominal data. Your cell phone number is an example of quantitative data. A respondent to a survey indicates that she drives a Ford Taurus. This is an example of qualitative data.

Explanation / Answer

Solution:

1) True

2) True

3) True

4) True

5) False

6) True

7) True

8) True

9) False

10) True

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