BEO2255: Applied Statistics for Business

Week 2:Introduction to Applied Statistics for Business

Questions

1. What are the types of measurement scales
2. What is the difference between a sample and a population

1. The following information is collected from students as they leave the campus bookstore during the first week of classes:
   1. Amount of time spent shopping in the bookstore
   2. Number of textbooks purchased
   3. Name of degree
   4. Gender

Classify each of these variables as categorical or numerical. If the variable is numerical, determine whether the variable is discrete or continuous. In addition, determine the level of measurement

1. Suppose the following information is collected from Tony and Fiona Chen on their application for a home mortgage loan at metro home loans:
   1. Monthly expensed:$ 1,427
   2. Number of children being supported by applicant(s):1
   3. Annual family salary income :$86,000
   4. Marital status: Married

Classify each of the responses by type of data and the level of measurement.

1. The director of market research at a large department store chain wants to conduct a survey throughout a metropolitan area to determine the amount of time working women spend shopping for clothing in a typical month
   1. Describe the population and the sample of interest, and indicate the type of data the director might wish to collect