Homework: Business Statistics
1) Explain the difference between a population mean and a sample mean without using the words population, sample, or mean. Use our weekly scenario to help in your explanation.
2) Calculate the range, variance, and standard deviation in EXCEL for the SAMPLE below:
4, 2, 5, 7, 5, 12, 6, 9, 5, 6, 5, 4, 4, 4, 5, 2
3) Discuss how variance and standard deviation measure variation. Use #2 to illustrate.
4) The Empirical Rule for a normally distributed population and Chebyshev's Theorem have the same basic purpose. In your own words, explain that purpose.
5) Calculate the range, variance, and standard deviation in EXCEL for the list of numbers in #2, but this time, instead of a sample, you are working with a POPULATION. What numbers changed? What didn't? Explain why the numbers changed or did not change.
6) Explain the following in your own words: percentile, the first quartile, the third quartile, and the IQR (interquartile range). Use the list of numbers in #2 to find these values.
Format your homework according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.