Trevor Wegner's Applied Business Statistics: Methods and Excel-Based PDF

By Trevor Wegner

ISBN-10: 0702177741

ISBN-13: 9780702177743

An introductory records textual content for administration scholars who need to know easy methods to learn information generated from any region of business—be it advertising, finance, human assets, construction, or logistics—this publication highlights the position of facts as a call help device in administration determination making. all through, emphasis is put on the significance of knowledge and knowledge caliber; the variety of attainable purposes, proven via quite a few labored examples; transparent reasons of the way each one approach works; and the legitimate administration interpretation of the statistical findings. Assuming just a easy point of mathematical skill, this reference courses scholars via each one statistical technique.

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Extra info for Applied Business Statistics: Methods and Excel-Based Applications

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Set up the interval limits. The lower limit for the first interval should be a value smaller than or equal to the minimum data value and should be a number that is easy to use. Since the youngest shopper is 23 years old, choose the lower limit of the first interval to be 20. The lower limits for successive intervals are found by adding the interval width to each preceding lower limit. The upper limits are chosen to avoid overlaps between adjacent interval limits. 35 Applied Business Statistics Lower limit Upper limit 20 < 30 (or 29) 30 < 40 (or 39) 40 < 50 (or 49) 50 < 60 (or 59) 60 < 70 (or 69) The format of <30 (less than 30) should be used if the source data is continuous, while an upper limit such as 29 can be used if the data values are discrete.

2 Show the findings graphically as a bar chart and as a pie chart. Management Questions 1 Which grocery store is most preferred by shoppers? 2 What percentage of shoppers prefer this store? 3 What percentage of shoppers prefer to shop at Spar grocery stores? Solution 1 For the categorical variable ‘store preference’ there are three categories of grocery stores that shoppers use: 1 = Checkers; 2 = Pick n Pay; 3 = Spar. To construct the percentage frequency table, first count the number of shoppers that prefer each store – there are 10 ones (Checkers), 17 twos (Pick n Pay) and 3 threes (Spar).

The answer is: the sum of all frequency counts (or percentages) below this current interval upper limit. For this extra lower interval, the cumulative frequency count (or percentage) will always be zero. A shortcut method to find each successive cumulative frequency count is to add the current interval frequency count to the cumulative frequency immediately preceding it. The last interval’s cumulative frequency count must equal the sample size, n, (if frequency counts are summed) or 100% (if percentages are summed).

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Applied Business Statistics: Methods and Excel-Based Applications by Trevor Wegner

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