qnt 275 week 1 data analysis - learning activities required (participation responses)

8/20/2019 QNT 275 Week 1 Data Analysis - Learning Activities Required (Participation Responses)

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!"# 27 $eek % Data &nalysis

% E'plain the role o( statistics in )usiness and its application in )usiness decisions

making.

2 Di((erentiate )etween quantitati*e and qualitati*e data and le*els o( data

measurement.

+ ,roduce ta)les and charts to organie and display quantitati*e and qualitati*e

)usiness data.

Learning Activities Required

#he ole o( tatistics in 0usiness Decision-1aking

Watch the "#he ole o( tatistics in 0usiness Decision-1aking *ideo.

Materials

• #he ole o( tatistics in 0usiness Decision-1aking

0asic 0usiness 1ath: Charts and 3raphs

Watch the 0asic 0usiness 1ath: Charts and 3raphs killso(t4 *ideos:

• eading 3raphs and Charts

• 3ood ,ractice (or Designing Charts and 3raphs

• electing the ight Chart #ype

Data Collection

Watch the Data Collection *ideo





Essentials o( 0usiness tatistics5 Ch. %

Take Notes: #his chapter introduces a great deal o( *oca)ulary that will )e important

to )uilding statistics literacy throughout the course

Essentials o( 0usiness tatistics5 Ch. 2

,resenting Data E((ecti*ely5 Ch. %

,resenting Data E((ecti*ely5 Ch. 2

Read the 6ow Do 8se mages in E((ecti*e $ays section in Ch. 2 3raphics o(

Presenting Data Effectively: Communicating your Findings for Maximum Impact .

9inal E'am ,reparation

Review weekly topics and o)ecti*es in preparation (or the (inal e'am.Discuss any questions or clari(ications you need with the class.

9inal E'am ample !uestion ;% (or $eek %

0elow is a sample question that you may see on a qui or on the (inal e'am )ased on

this $eek<s 1aterial

%. #he study o( statistics can )e de(ined as:

imply put tatistics is the study o( collecting5 analying5 presenting5 and interpreting

data. $hat are your thoughts= $ould you agree with my assessment=

9inal E'am ample !uestion ;2 (or $eek %

0elow is another sample question that you could see on a qui or on the 9inal:

#he manager o( a retail shoe store has applied statistics to analye sales5 purchasing5

and data and reached the conclusion that the store could reduce costs )y reducing

in*entory o( *ery small and *ery large sies5 and su)stituting an online ordering

ser*ice to drop-ship rare sies directly (rom suppliers. 6ow should the manager

communicate those results to the store owner=

,ro)a)ly the )est action (or the manager would )e to summarie therecommendations5 supported )y *isual representation o( the data and statistics. $hat

are your thoughts on what his/her action to )e=

9inal E'am ample !uestion ;+ (or $eek %

Check out the (ollowing question that you may see on the 9inal:

#he two )ranches o( the study o( statistics are generally re(erred to as descripti*e and



in(erential statistics

$hat are the di((erences )etween Descripti*e and n(erential tatistics=

9inal E'am ample !uestion ;> (or $eek %

6ere is another question that you may see on a qui or the (inal:

$hich o( the (ollowing is a quantitati*e *aria)le=

6ouse ,rices

6ouse &ge

6ouse ie

&ll o( the &)o*e

n this case5 would select all the a)o*e. #his is )ecause quantitati*e *aria)les are

numeric in nature. $hich in this case5 e*ery *aria)le that you see listed applies to aquantitati*e *aria)le. $hat are your thoughts=

Da< 6ermis 0urger ?oint

#ell me the 1ean 1ode and 1edian (or the (ollowing data: #he 6ermis 0urger

?oint is a real greasy oint )ut they make great (ried chicken5 wa((les and apple pie

@mmmm.....,ieAB You lika da Yeero?!

ou are ever on Roselle Rd# in $chau%&urg l####check out 'ountr

Doughnuts####&est doughnuts east o the Mississi((i!

The )er%is *urger +oint (as its , hourl e%(loees -./ -0/ -,/ -1 and -. (er

hour#

What is the Mean Mode and Median o the data#

#he $isconsin $ater #a)le

$isconsin $ater #a)le

#his is a great e'ample o( a real ta)le that you can (ind in academic ournals or

go*ernment periodicals.

&ll you ha*e to do is (ind the mean5 standard de*iation and *ariance. $e are going to

)e using this *ery same ta)le (or -score as well:

#he (ollowing ta)le presents a data (ile that lists the peak discharge (rom a

hydroelectric proect in

$isconsin (or the years %7 to %F. #he *aria)le peak discharge has an inter*al

le*el o( measurement.



Year 2eak Discharge

%7 %5%2G

%F 25+FG

% FF

%G %5>2G%% %5>FG

%2 %52GG

%+ 7

%> %52FG

% %5>G

% %52FG

%7 %57>G

%F %5+FG

@source: 8.. Department o( the nterior5 3eological ur*ey5 $ater esources

Di*isions5 Estimating 1agnitude and 9requency o( 9loods in $isconsin5 %7%. p. 77.

%.2:$7A

qnt 275 week 1 data analysis - learning activities required (participation responses)

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