Week 1

Individual Descriptive Statistics and Probability Distributions Problem Sets

Resource: Statistical Techniques in Business & Economics

Prepare responses to the following exercises from the text:

Exercises 80, 82, and 87 (Ch. 3)

Exercises 34, 36, and 38 (Ch. 5)

Exercises 45 and 62 (Ch. 6)

Exercises 42 and 45 (Ch. 7)

Discussion Questions

How may variance and standard deviation be applied to a real-world business-related problem? Provide a specific application in which these measures are useful.

When would you use descriptive over inferential statistics? Provide a specific scenario and explain your rationale.

Why is using Bayes theorem important to help answer business-related questions? What does this theorem allow you to do that traditional statistics do not? What are some prerequisites for using Bayesian statistics?

As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.