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# Statistics and Data Analysis

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1. Explain the difference between data and information.
2. What is the difference between a population and a sample?
3. List the different types of charts available in Excel, and explain characteristics of data sets that make each chart most appropriate to use.
4. What does skewness measure? Interpret the value of the coefficient of skewness as obtained in Excel.
5. What is a proportion? Provide some practical examples where proportions are used in business.

#### Solution Preview

Dear Student:

Q1. Data and Information

In statistics, data refers to raw data that was collected in order to perform a statistical analysis. Data can be nominal (e.g. colors red, blue, green, orange), ordinal (e.g. ranking of a university in a national survey), interval (e.g. temperature, shoe size), and ratio (e.g. amount of money in your bank account).

Information is something that you find in a book or on the internet. It can be correct or incorrect. You determine the reliability of information by looking support in other sources, but you cannot statistically check if it is correct or not.

Q2. Population and sample

Population is a collection of all possible individuals, objects, or measurements of interest. (Lind et al., 2002, p. 7). It can be the population of the United States, all students in your school, or all customers of Macy's.

Sample is a portion, or part, of the population of interest. (Lind et al., 2002, p. 7). You cannot investigate all people in the United States and ...

#### Solution Summary

This solution offers definitions of several statistical concepts: data vs. information, population vs. sample, skewness, and proportion. Examples of each are also given. Also, an introductory explanation of the charts available in Excel is included. This solution does not include calculations.

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