What is the role and importance of statistical thinking?

Consumer Research, Inc.   Consumer Research, Inc., is an independent agency that conducts research on consumer attitudes and behaviors for a variety of firms. In one study, a client asked for an investigation of consumer characteristics that can be used to predict the amount charged by credit card users. The following data were collected on annual income, household size, and annual credit card charges for a sample of 50 consumers.   Managerial Report     Use methods of descriptive statistics to summarize the Comment on the findings.     Develop estimated regression equations, first using annual income as the independent variable and then using household size as the independent variable. Which variable is the better predictor of annual credit card charges? Discuss your findings.     Develop an estimated regression equation with annual income and household size as the independent Discuss your findings.     What is the predicted annual credit card charge for a three-person…

How not to be ignorant about the world - Hans and Ola Rosling . What did you learn? Has this changed your opinion on global statistics? What question stood out most to you? Do you believe this will change how you view statistics?

Give examples of researchers analyzing existing statistics, to illustrate the strengths and weaknesses of this method.

Question: Can you give an example of variable for which  the mean would not be appropriate to describe the data (that is, tell me a circumstance in which you would not want to use the mean to describe a dataset).

DATAfile: Jensen A statistical program is recommended. Jensen Tire & Auto is in the process of deciding whether to purchase a maintenance contract for its new computer wheel alignment and balancing machine. Managers feel that maintenance expense should be related to usage, and they collected the following information on weekly usage (hours) and annual maintenance expense (in hundreds of dollars). Weekly Usage(hours) AnnualMaintenanceExpense 13 17.0 10 22.0 20 30.0 28 37.0 32 47.0 17 30.5 24 32.5 31 39.0 40 51.5 38 40.0 (a) Develop the estimated regression equation that could be used to predict the annual maintenance expense (in hundreds of dollars) given the weekly usage (in hours). (Round your numerical values to two decimal places.) ŷ =        (b) Test the significance of the relationship in part (a) at a 0.05 level of significance. (Use the F test.) State the null and alternative hypotheses. H0: ?1 ≠ 0Ha: ?1 = 0H0: ?1 = 0Ha: ?1 ≠ 0    H0: ?0 ≠…

3. Explain the concept of mode in statistics.

when combined with high-quality research designs, statistics provide us with a greater sense of _____ in research  personality  subjectivity  importance objectivity

Why is it important to understand statistics when assessing and designing research?