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Applied Statistics in Business and Economics: Questions and Answers Essay Example

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Topics:

Business, Scientific Method, Statistics

Pages: 2 (392 words)
Published: April 3, 2017
Type: Case Study

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Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. TRUE
Inferential statistics refers to generalizing from a sample to a population, estimating unknown parameters, drawing conclusions, and making decisions. TRUE
Descriptive statistics refers to summarizing data rather than generalizing about the population. FALSE
Estimating parameters and testing hypotheses are important aspects of descriptive statistics. FALSE
Inconsistent treatment of data by a researcher is a symptom of poor survey or research design. FALSE
Empirical data are collected through observations and/or experiments. TRUE
Business intelligence refers to collecting, storing, accessing, and analyzing data on the company's operations in order to make better business decisions. TRUE
When a statistician omits data contrary to her findings in a study, she is justified as long as the sample supports her ob
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jective. FALSE
A strong correlation between A and B would imply that B is caused by A. FALSE
The post hoc fallacy says that when B follows A then B is caused by A. TRUE
A statistical test may be significant yet have no practical importance. True
False Valid statistical inferences cannot be made when sample sizes are small. TRUE
Statistics is an essential part of critical thinking, because it allows us to transform the empirical evidence from a sample so it will agree with our preferred conclusions. TRUE
Statistical challenges include imperfect data, practical constraints, and ethical dilemmas. TRUE
A business data analyst needs a PhD in statistics. FALSE
The science of statistics tells us whether the sample evidence is convincing. True
Pitfalls to consider in a statistical test include non-random samples, small sample size, and lack of causal links. TRUE
In business communication, a

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table of numbers is preferred to a graph because it is more accurate. FALSE

Statistical data analysis can often distinguish between real vs. perceived ethical issues. TRUE

Excel has limited use in business because advanced statistical software is widely available. FALSE

Statistics helps surmount language barriers to solve problems in multinational businesses. TRUE

Statistics can help you handle either too little or too much information. TRUE

Predicting a presidential candidate's percent of the statewide vote from a sample of 800 voters would be an example of inferential statistics. TRUE

An example of descriptive statistics would be reporting the percent of students in your accounting class that attended the review session for the last exam. TRUE

Applied Statistics in Business and Economics: Questions and Answers Essay Example

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