Business Statistics

Question 1

1. Determine which of the following statements is descriptive in nature and which is inferential. Refer to the data below in How Old is My Fish?

How Old is My Fish |

Average age by length of largemouth bass in new York State |

Length | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Age | 2 | 3 | 3 | 4 | 4 | 5 | 5 |

a. All 9-inch largemouth bass in New York State are an average of 3 years old - Descriptive

b. Of the largemouth bass used in the sample to make up the NYS DEC Freshwater Fishing Guide, the average age of 9-inch largemouth bass was 3 years - Inferential

In your answer also describe and explain the difference between descriptive statistics and inferential statistics –

Inferential statistics pertain to the procedures used to make forecasts, estimates, or judgments about a large set of data on the basis of the statistical characteristics of a smaller set. Descriptive statistics are used to summarize the important characteristics of large data sets and consolidate a mass of numerical data into useful information.

Question 2

2. Since 1981, Fortune magazine has been tracking what they judge to be the “best 100 companies to work for.” The companies must be at least ten years old and employ no less than 500 people. Below are the top 25 from the list compiled in 1998, together with each company’s percentage of females, percentage of job growth over a 2 year span, and number of hours of professional training required each year by the employer.

Company Name | Women (%) | Job Growth (%) | Training (hr/yr) |

| | | |

Southwest Airlines | 55 | 26 | 15 |

Kingston Technology | 48 | 54 | 100 |

SAS Institute | 53 | 34 | 32 |

FEL-Pro | 36 | 10 | 60 |

TDIndustries | 10 | 31 | 40 |

MBNA | 58 | 48 | 48 |

W.L.Gore | 43 | 26 | 27 |

Microsoft | 29 | 22 | 8 |

Merck | 52 | 24 | 40 |

Hewlett-Packard | 37 | 10 | 0 |

Synovus Financial | 65 | 23 | 13 |

Goldman Sachs | 40 | 13 | 20 |

MOOG | 19 | 17 | 25 |

DeLoitte & Touche | 45 |...