#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.
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 ...
The solution discusses quantitative reasoning in business.