By Trevor Wegner
An introductory records textual content for administration scholars who need to know the way to examine information generated from any region of business—be it advertising, finance, human assets, creation, or logistics—this e-book highlights the function of data as a call aid instrument in administration determination making. all through, emphasis is put on the significance of knowledge and knowledge caliber; the variety of attainable functions, proven by way of various labored examples; transparent causes of ways every one approach works; and the legitimate administration interpretation of the statistical findings. Assuming just a easy point of mathematical skill, this reference courses scholars via each one statistical technique.
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Additional resources for Applied Business Statistics: Methods and Excel-Based Applications
20 Chapter 1 – Statistics in Management Scenario 7 The Star newspaper in Gauteng conducted a survey amongst a random cross-section of its subscriber readers to identify the popularity of the various sections of the newspaper amongst all its readers. 11 For each of the following random variables, state the data type of each random variable (categorical or numeric), the measurement scale (nominal, ordinal, interval or ratio scaled) and whether it is discrete or continuous. Also give two illustrative data values for each of these random variables: (a) ages of athletes in a marathon (b) floor area of Foschini stores (c) highest qualification of employees in an organisation (d) marital status of employees (e) different types of aircraft used by SAA for domestic flights (f) types of child abuse (physical, sexual, emotional or verbal) (g) performance appraisal rating scores assigned to employees (h) ranked preferences of employees to three different pay schemes (i) consumer responses to each of the following statements: (i) Rank your preference of the fruit juices that you have just tasted.
Solution 1 The numeric frequency distribution for amount spent is computed using the construction steps outlined earlier. The range is R2 136 − R456 = R1 680. Choosing five intervals, the interval width R1 680 can be set to a ‘neat’ width of R400 (based on ______ = R336). The lower limit of 5 the first interval is set at a ‘neat’ limit of R400, since the minimum amount spent is R456. 8. 3% 30 100% Total 2 The cumulative frequency distribution (ogive) for amount spent on groceries last month is computed using the construction guidelines outlined above for the ogive.
A Lorenz curve shows what percentage of one numeric measure (such as inventory value, total salaries, total assets or total taxation) is accounted for by given percentages of the other numeric measure (such as volume of inventory, number of employees, number of companies or number of taxpayers). The degree of concentration or distortion can be clearly illustrated by a Lorenz curve. It is commonly used as a measure of social/economic inequality. It was originally developed by M Lorenz (1905) to represent the distribution of income amongst households.
Applied Business Statistics: Methods and Excel-Based Applications by Trevor Wegner