1. Explain the principles of statistical thinking. Why is statistical thinking an important managerial skill?

2. Explain the differences between categorical, ordinal, interval, and ratio data.

3. Explain the difference between cross-sectional and time-series data.

4. What is the difference between a population and a sample?

5. Explain the principal types of descriptive statistics measures that are used for describing data.

6. What statistical measures are used for describing dispersion in data? How do they differ from one another?

7. Explain the importance of the standard deviation in interpreting and drawing conclusions about risk.

8. Explain the concept of correlation and how to interpret correlation coefficients of 0.3, 0, and -0.95.