QNT 351 - Entire Week 1 - 61006

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QNT 351 – Entire Week 1

Individual – Statistics in Business

Write a 300-word summary that addresses the following criteria:

  • Define statistics.
  • Identify different types and levels of statistics.
  • Describe the role of statistics in business decision making.
  • Provide at least three examples or problem situations in which statistics was used or could be used.

 

Discussion Question 1 : What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.

 

Discussion Question 2 : How would you define a variable? What is the difference between a dependent and independent variable? Do you think both variables are used in each research? Explain why or why not. Provide specific examples showing the difference between dependent and independent variables.

 

Discussion Question 3 : 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 the following table when posting your response. Explain how you classified the variable by its level of measurement.

Solution Description

QNT 351 – Entire Week 1

Individual – Statistics in Business

Write a 300-word summary that addresses the following criteria:

  • Define statistics.
  • Identify different types and levels of statistics.
  • Describe the rol
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