1. Explain the importance of statistics in business. A.Research & Data Analysis B.Problem Solving C.Decision Making D.All the above 2. What is the difference between a population and a sample? A.Sample is smaller than the population B.There are sample statistics and population parameters C.Samples have frequency distributions while populations have probability distributions D.All the above 3. What are the most appropriate to use for sales, demand, and forecasting data? A.Line chart B.Pie chart C.Radar chart 4. What statistical measures are used for describing dispersion in data? How do they differ from one another? A.Range, variance, and standard deviation B.Mean absolute deviation C.Mean, median, and mode D.Mean, standard deviation, and interquartile range 5. How would you interpret correlation coefficient of: -0.95? A.Not a good correlation measure B.Week negative correlation C.Strong negative correlation D.Not enough information to determine correlation