## RES 341 Entire Week 4

RES 341 Entire Week 4

RES 341 Week 4 Individual Assignment Exercises From the E-Text

• Resource: Applied Statistics in Business and Economics
• Prepare answers to the following exercises from Applied Statistics in Business and Economics:
• Chapter 5: Exercises 5.62 and 5.70
• Chapter Exercises 8.46 and 8.62

Note. Methods of computation could include the usage of Microsoft® Excel®, SPSS, Lotus, SAS®, Minitab®, or by hand computation.

RES 341 Week 4 Learning Team Assignment Descriptive Statistics Paper

• Write and submit a 1,050-1,750-word paper, adding to your Week Three paper, examining the data you have collected and drawing conclusions based on your findings.
• Include the following:
• Data analysis using descriptive statistics
• Calculate the measures of central tendency, dispersion, and skew for your data.
• Display your descriptive statistical data using graphic and tabular techniques.
• Frequency distribution
• Histogram
• Based on your skew value and histogram, discuss the best measures of central tendency and dispersion of your data. Justify your selection.
• Conclusions
• Discuss whether your research findings answered your problem statement—the research question—or if more research might be necessary.

What roles do confidence intervals and estimation play in the selection of sample size? Also, what are the factors that the required sample size is based on?

What is the significance of a 5% significance level? Why would you choose 5% as opposed to 10%? What are the statistically accepted guidelines for significance levels?

Explain the differences in the sampling distributions for xbar (sample mean) for large and small samples under the following assumptions:

1. The variable of interest ‘x’ is normally distributed.

2. Nothing is known about the distribution of the variable ‘x’.

When you draw a sample from a normal distribution, what can you conclude about the sample distribution? Why do so many of life’s events share the same characteristics with Central Limit Theorem?