Quantitive Reasoning in Business
Not what you're looking for?
#1. What value do statistics add to decision making? What limitations are there when applying statistics to decision making?
#2. There are four levels of statistical measurement: nominal, ordinal, interval, and ratio. The lowest (considered the most primitive) measurement is nominal. The highest level measurement that provides us with the most information about an observation is the ratio.
Look in the most current edition of your local newspaper or USA Today and find one example of each level of measurement. List and explain some examples first and then compare them.
#3. Statistics are a part of life: from our kids' sports numbers for the season to presidential election polls. Identify a statistical measurement that is involved in your life and share.
Purchase this Solution
Solution Summary
The solution discusses quantitative reasoning in business.
Solution Preview
Statistics give hard and concrete information about the facts we sometimes base decisions on. The number of people who buy Big Macs after certain commercials run on television. The number of rivets that fail on Monday mornings after long weekends. Each of these can help decision makers with finding solutions to problems. In the case of the Big Mac, how many ...
Purchase this Solution
Free BrainMass Quizzes
Cost Concepts: Analyzing Costs in Managerial Accounting
This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.