Statistics Project 1

MGMT 650 Week 2 Homework

1. Basic Excel Operation:

Create an Excel spreadsheet that can be used to calculate your grade in this class. PDF File attached. The spreadsheet should include the weights of each graded assignment, your grade in each assignment, and your final grade. To use this for your benefit you may want to design it so that it can be used to calculate your interim grade before you have all the grades.
Use a new sheet called "Grade Calculator" in the same Excel file that you are submitting for this assignment.
After this week you will receive the solution from your professor and you will be able to use your solution or our solution for future classes.

2. Basic Descriptive statistics

A quality characteristic of interest for a rice-bag-filling process is the weight of the rice in the individual bags. If the bags are under filled, the company may be in violation of the truth-in-labeling laws. In this example, the label weight on the package indicates that, on average, there are 15 pounds of rice in a bag. If the average amount of rice in a bag exceeds the label weight, the company is giving away product. Getting an exact amount of rice in a bag is problematic because of variation in the temperature and humidity inside the factory, differences in the size of the rice, and the extremely fast filling operation of the machine (approximately 150 bags a minute). The following table provides the weight in pounds of a sample of 50 bags produced in one hour by a single machine:

15	15.3	15.2	14.9	15.5	15.4	15.4	15.5	15.3	15.2
15.2	15.2	15	15.3	14.8	15.2	14.8	15.3	15.4	14.9
15	15.4	15.5	14.7	15.3	14.7	15.5	15	15.3	15
15.3	15.1	15.2	15.4	14.9	15.5	15	15.2	15.3	14.8
14.9	15.4	15.5	15	15	15.5	15.5	15.4	15	15.5

a. Compute the arithmetic mean and median.

b. Compute the first quartile and third quartile.

c. Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.

Parts d and e are your chance to show your understanding. You are a consultant brought in by the company and given the sample. What are your recommendations to the company, based on your reading for this week?

d. Interpret the measures of central tendency within the context of this problem. Why should the company producing the rice bags be concerned about the central tendency?

e. Interpret the measures of variation within the context of this problem. Why should the company producing the rice bags be concerned about variation?

3. Built In Excel Functions

Review Excel help files (and other sources if you wish) and explain in your own words:

a. The difference between the functions QUARTILE.INC() and QUARTILE.EXC(). Which of the two will you get if you use QUARTILE()?

b. The difference between STDEV.P() and STDEV.S() and the difference between VAR.P() and VAR.S().

c. What is the Excel function COVARIANCE (This has two forms: COVARIANCE.P() and COVARIANCE.S())?

d. How will you calculate Coefficient of Variation of one sample using Excel?

4. Frequency Distribution

Here is a hypothetical list of the prices of the property sold (in thousands) in Columbia, MD February 1-5, 2018. Use Excel’s capability (=FREQUENCY()) to create a frequency distribution using 5 bins.

247	1190	210	211	415	567	195	187	588	698
280	1100	354	326	170	572	892	195	325	986
349	182	829	405	987	997	532	155	1328	559
520	195	1020	572	775	896	208	330	95	590
1345	268	247	879	175	180	265	1435	1490	290

Hint: To score the full points for this question, set it up so that Excel calculate the bins for you. This way if you change the data the bins are changed automatically.

5. Histogram, bar chart, and pie chart

Use the house price data and the bins data from problem 4 to create:

a. A histogram using the data analysis tool.

b. A bar chart

c. A pie chart