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Bus 308: Statistics For Managers - Week 1 Essay

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BUS308-Statistics for Managers
Swafford (2/10/12)

a. Chapter 1:  1.2, 1.17

1.2 Below we list several variables. Which of these variables are quantitative and which are qualitative? Explain.
In our textbook it states on page 4 that “If the possible measurements of the values of a variable are numbers that represent quantities (that is “how much” or “how many”), then the variable is said to be quantitative….However, if we simply record into which of several categories an element falls then the variable is said to be qualitative or categorical” (Bowerman, O'Connell, Murphree, &   Orris 2012)
a. The dollar amount on an account receivable invoice.
Quantitative: Since we can ask the question of “how much” is on the invoice. I would say that the dollar amount is quantitative.
b. The net profit for a company in 2009.
Quantitative: I would say the net profit for the company   is quantitative, because it is numeric value and we can also ask the question of “how much”.
c. The stock exchange on which a company’s stock is traded.
Quantitative and Qualitative: If the question suggested that a type of stock within the company is traded for an example a type such as Soft drink versus   Juices, then it is Qualitative. However if the questions suggests that monetary value of the stock then I would say it is quantitative.  
d. The national debt of the United States in 2009.
Quantitative: The national debt is known to be dollar amount or numerical value, therefore it is quantitative.
e. The advertising medium (radio, television, or print) used to promote a product.
Qualitative: Radio, television, or print are examples of categories.

1.7. Classify each of the following qualitative variables as ordinal or nominative. Explain your answers.
According to our book (page14-15) “An ordinal variable is a qualitative variable for which there is a meaningful ordering, or ranking, of categories…..A nominative variable is a qualitative variable for which there is no...

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