Question Week One Discussion Questions How would you define statistics? How is statistics used in business decision making?

How would you define statistics? How is statistics used in business decision making?

• What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.

How would you define a variable? What is the difference between a dependent and independent variable? Do you think we use both variables in every research? Explain why or why not. Provide examples.

• How would you define dependent and independent variables? What is their significance in research? Explain with examples.

• What are the four data measurement scales? Explain with examples. Which level of measurement is lowest and why?

• How do we define measurement? What are various levels of measurement? How do you select measurement levels when developing a survey or data collection tool? Explain with examples.

• What are data? What is the relationship between data and variables? What is your understanding of meaningful data?

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Week Two Discussion Questions

Select four variables, other than what your fellow students have already selected, that could be measured by nominal, ordinal, interval, and ratio scale. Classify them by measurement scale and select descriptive statistics that can be used to summarize data. Use following table when posting your response:

Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision.

What level of data is a telephone number? Explain. Why is it important to make a distinction between four levels of measurement?

Why it is important to find the shape of data distribution before computing descriptive statistics? Do all variables follow normal distribution? Explain why or why not. Explain with examples?

What are the various methods one can use to identify the shape of data distribution collected for research study? Why it is important to know the shape of distribution? How it can be used in decision making? Provide examples other than those already posted in class?

Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency.

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Week Three Discussion Questions

What are the differences between probability and coincidence? Can the probability be more than 1 or less than 0? Explain why or why not.

An oil change shop advertised to change oil within 15 minutes. Based on the data collected on a typical day, what is the probability that oil change will take 15 minutes or less time? Based on the data, do you think the business claim is valid? Explain why or why not.

What are the characteristics of standard normal distribution? The HR department of an organization collects data on employees’ age, salary, level of education, gender, and ethnicity. Which data do you think is more likely to follow normal distribution? Explain why.

Should a company make a decision based solely on probability instead of doing a research study? Justify your answer.

What are some conditions under which business decisions are made using subjective probability concepts? Provide at least two examples of subjective probability.

What is the role of probability concepts in business decision-making? Provide specific examples.

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