Need help with discussion questions.
Need help with discussion questions.
1. Explaining the Central Tendency-Define mean, median, and mode. How can they be applied? Give an example for each.
2.The US household income distribution is very skewed. It is understandable that the census bureau reports the median income instead of the mode.
This question is: If the mode is even more robust than the median, then why didn’t the census bureau report the mode income?
3.What is the difference between descriptive and inferential statistics? Please give an example for each.
4. The admission officer at John Doe College checked the Scholastic Aptitude Test (SAT) math scores for all the students admitted in 2016 (mean = 640) and the SAT math scores for all the students admitted in 2017 (mean = 570) and concludes that the students admitted in 2016 had higher average SAT math scores than the students admitted in 2017. Which method did the admission officer employ? Descriptive statistics or inferential statistics?
5. What are some benefits of applying probability concepts to solve business-related problems? Please give a concrete example.
6. This is not in the textbook. Please comment on the following arguments. Did they correctly apply probabilistic inferences?
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Who is winning the war on terror? According to Richard Wackrow, in some sense terrorists are winning. The objective of terrorism is to provoke fear and hatred. Since the 911 attack, Americans have been overreacting and living under threat. Thus, terrorists have accomplished their objectives.
Are we really overreacting? Wackrow uses statistical data to point out that the probability of being killed by terrorist attacks is much lower than that of other causes of death.
- The 911 attack killed about 3000 people. In 2001 the US population is 285 million. Needless to say, the probability is extremely small.
- In the same year there were 42116 traffic fatalities in the US. That is 3500 deaths per month on the average.
- Other deaths due to non-natural causes have higher probabilities. For example, in the whole year 3465 people died in residential fire. Even worse is that in the same year 15980 Americans were murdered.
- Including 911, the number of Americans killed by terrorists since the late 1960s is about the same number of people killed by lightning, by deer running across the road causing traffic accidents, or by severe allergic reactions to peanuts.
- The number of people killed by terrorists worldwide each year is not more than the number of Americans that drown in the bathtub.
Once a while some Americans became victims of gun violence, and therefore the issue of gun control is an ongoing debate. Some critics do not view it as a serious social problem. According to Economist magazine, in the US the chance of dying as a result of assault by firearm is about 1 in 25,000. However, America’s National Safety Council points out that you are more likely to die from intentional self-harm, an accidental injury or heart disease.
7. Levels of data measurements
8. What is probability and how to use it?
