QNT 275 Week 1 Data Analysis - Learning Activities Required (Participation Responses)

QNT 275 Week 1 Data Analysis - Learning Activities Required (Participation Responses)

https://uopcourses.com/category/qnt-275/





QNT 275 Week 1 Data Analysis

 

1
Explain the role of statistics in business and its application in business
decisions making.

2
Differentiate between quantitative and qualitative data and levels of data
measurement.

3
Produce tables and charts to organize and display quantitative and qualitative
business data.

 

 

 

Learning Activities Required

The
Role of Statistics in Business Decision-Making

 

Watch the "The Role of
Statistics in Business Decision-Making" video.

Materials


  • The
    Role of Statistics in Business Decision-Making



 

 

Basic
Business Math: Charts and Graphs

 

Watch the "Basic Business
Math: Charts and Graphs" Skillsoft® videos:


  • Reading
    Graphs and Charts

  • Good
    Practice for Designing Charts and Graphs

  • Selecting
    the Right Chart Type



 

 

 

Data
Collection

 

Watch the "Data
Collection" video

 

 

 

Essentials
of Business Statistics, Ch. 1

Take Notes: This chapter
introduces a great deal of vocabulary that will be important to building
statistics literacy throughout the course

 

 

 

Essentials
of Business Statistics, Ch. 2

 

Presenting
Data Effectively, Ch. 1  

Presenting
Data Effectively, Ch. 2 

Read  the "How Do I Use
Images in Effective Ways" section in Ch. 2 "Graphics" of Presenting
Data Effectively: Communicating your Findings for Maximum Impact
.

 

 

Final
Exam Preparation  

Review weekly topics and
objectives in preparation for the final exam. 

Discuss any questions or
clarifications you need with the class.

 

Final
Exam Sample Question #1 for Week 1

Below
is a sample question that you may see on a quiz or on the final exam based on
this Week's Material

1.
The study of statistics can be defined as:

Simply
put Statistics is the study of collecting, analyzing, presenting, and
interpreting data. What are your thoughts? Would you agree with my
assessment? 

 

 

 

Final
Exam Sample Question #2 for Week 1

Below
is another sample question that you could see on a quiz or on the Final:

 

The
manager of a retail shoe store has applied statistics to analyze sales,
purchasing, and  data and reached the conclusion that the store could
reduce costs by reducing inventory of very small and very large sizes, and
substituting an online ordering service to drop-ship rare sizes directly from
suppliers. How should the manager communicate those results to the store owner?


 

Probably
the best action for the manager would be to summarize the recommendations,
supported by visual representation of the data and statistics. What are your
thoughts on what his/her action to be?

 

 

 

 

 

 

Final
Exam Sample Question #3 for Week 1

Check
out the following question that you may see on the Final:

 

The
two branches of the study of statistics are generally referred to as
descriptive and inferential statistics

 

What
are the differences between Descriptive and Inferential Statistics?

 

 

 

Final
Exam Sample Question #4 for Week 1

Here
is another question that you may see on a quiz or the final:

 

Which
of the following is a quantitative variable? 

House Prices

House
Age

House
Size

All
of the Above

 

In
this case, I would select all the above. This is because quantitative variables
are numeric in nature. Which in this case, every variable that you see listed
applies to a quantitative variable. What are your thoughts?

 

 

 

 

Da'
Hermis Burger Joint

Tell
me the Mean Mode and Median for the following data: The "Hermis Burger
Joint" is a real greasy joint but they make great fried chicken, waffles
and apple pie (mmmm.....Pie)!  You lika da Yeero?!

If you are ever on Roselle Rd. in Schaumburg
Il....check out Country Doughnuts....best doughnuts east of the Mississippi!


The Hermis Burger Joint pays its 5 hourly
employees $6, $3, $5, $7 and $6 per hour.


What is the Mean Mode and Median of the data.

 

 

 

 

 

The
Wisconsin Water Table

Wisconsin
Water Table

 

This
is a great example of a real table that you can find in academic journals or
government periodicals.

 

All you have
to do is find the mean, standard deviation and variance. We are going to
be using this very same table for Z-score as well:

 

The
following table presents a data file that lists the peak discharge from a
hydroelectric project in

Wisconsin
for the years 1957 to 1968. The variable peak discharge has an interval level
of measurement. 

 

 

Year   
                     
                     
     Peak Discharge

1957                                                                                                  1,120

1958                                                                                                  2,380

1959                                                                                                  886

1960                                                                                                  1,420

1961                                                                                                  1,480

1962                                                                                                  1,200

1963                                                                                                  657

1964                                                                                                  1,280

1965                                                                                                  1,640

1966                                                                                                  1,280

1967                                                                                                  1,740

1968                                                                                                  1,380

(source:
U.S. Department of the Interior, Geological Survey, Water Resources
Divisions, Estimating Magnitude and Frequency of Floods in Wisconsin,
1971. p. 77. I19.2:W75) 

 
Powered by