In Each of the Following Statements, Determine Whether the Branch

question 32

Essay

In each of the following statements, determine whether the branch of statistics is best classified as descriptive statistics or inferential statistics.
A. The average of a data set is equal to 35.7.
B. The minimum value of a data set is 78, and the maximum value is 146.
C. Because the average age in a sample is 23, it is likely that the average age in the population is about 23.
D. Because the values in the sample are so widely dispersed, the spread of the population must be high.

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Definitions:

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period.

Accounts Receivable Turnover

A financial ratio that measures how efficiently a company collects cash from its credit sales by dividing net credit sales by average accounts receivable.

Inventory Turnover

A measure of how frequently a company sells and replaces its stock of goods during a period, indicating the efficiency of inventory management.

Asset Management

An orderly process for building, running, maintaining, and disposing of assets in a way that minimizes expenses.