MGMT 650 HW2 Fall 2023 -completed copy

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University of Maryland Global Campus (UMGC) *

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650

Subject

Management

Date

Feb 20, 2024

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xlsx

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41

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MGMT 650 Fall 2023 Week 2 Homework Questions Do all work in this file with no links to external files. For all questions, write your answers or calculations in the yellow cells. Credit for your work requires calculations, pivot tables, and charts be linked to the data within this file.
02/15/2024 5.15 5.03 5.10 4.76 5.05 4.71 5.48 4.58 5.64 5.05 4.83 4.92 4.77 5.01 5.04 4.63 4.41 4.87 4.60 4.74 4.22 3.85 5.63 5.30 4.60 5.23 5.73 4.98 5.55 4.91 5.51 6.05 5.10 4.32 4.29 4.54 5.57 4.54 5.13 4.76 4.29 5.32 5.10 4.80 5.45 3.85 5.63 5.30 4.60 5.23 4.72 4.58 5.64 5.05 5.36 5.61 5.95 5.60 4.69 4.79 5.26 4.80 3.87 5.03 5.44 5.98 5.41 4.80 4.99 5.11 4.99 5.24 4.28 5.84 5.01 3.87 5.48 4.46 4.59 4.57 Compute the following statistics using individual Excel functions (not Data Analysis, Descriptive Statistics): Mean 5.0 Median 5.0 hird quartile Q3 using QUARTILE.EXC 5.113 First quartile Q1 using QUARTILE.EXC 4.748 Interquartile range (IQR) 0.365 Maximum 5.150 Minimum 4.710 Range 0.440 For the standard deviation, when do you use STDEV.S and when do you use STDEV.P? Variance 0.185 Standard deviation 4.967 Coeficient of Variation % (CV) 4% data: There are several ways to calculate quartiles that result in different answers. QUARTILE and QUARTILE.INC can produce a result that is not in the dataset or an unexpected result if you have a dataset with an even number of values. STDEV. P: is used to calculate standard deviation based on the entire population given as arguments. STDEV. S: is used to calculate standard deviation based on a sample.
02/15/2024 The unit of physical measure associated with the standard deviation is the same as unit of data. When calculating variance, the unit is squared. When data is in inches, variance is in inches squared. Would you scale graphs and histograms in increments of variance or standard deviation? I would sclae graphs in the inceement of standard deviation Explain why the standard deviation is more useful than the variance. As a contracted statistician, you have no prior experience with the company's product. Further, the company has no prior process history, data, or statistics with which to compare. Explain why there is or is not a concern with average bag weight comparing your calculation of mean or median statistics and the nominal bag weight of 5 lbs. Show what you have learned about the Coefficient of Variation (CV) from the text above by answering what are two situations where the CV is especially useful? When compared to variance, standard deviation is a better metric because it is in the same units as the data, making it more interpretable. However, because the variance is expressed in square units, it is difficult to interpret. Furthermore, The concern with average bag weight is whether it meets the expected value of 5 lbs. If the mean or median deviates significantly, it suggests an issue with the filling process. The coefficient of variation (CV) is a measure of relative variability equal to the standard deviation divided by the mean, and formatted to %. It is regularly used to compare risk (volatility) in investing, and is especially useful in to compare data sets with different units of measure, or to assess data without prior data to compare. Consider weights of 10 oz, 13.4 oz, 15.1 oz with SD of 2.597 oz. The corresponding weights in pounds 0.625 lb, 0.838 lb, 0.944 lb have SD 0.162 lb. The SDs are not equal, yet the sample and its variability are the same. How can we compare variabilities? The CV, unlike other measures of variability, does not depend on the units of measure. The units of the standard deviation are divided out by the units of the mean. For a "rule of thumb", a CV of greater than 5% is considered significant. When comparing the spread of data with different units.
9 10 What is the most common used-car manufacturer? ford What are the two least common? mercury See the tab "Used Car Data". This list represents a consolidated list from 2021 of used cars for sale on Craigs List in the Athens, GA area. The data set contains 421 used cars from the year 1995 or newer that sold for $1000 or more. The list also includes columns like price, condition, manufacturer and other relevant categories a buyer might find of interest. Create a pivot table on a new worksheet showing the frequency and percent frequency of the manufacturer from the Use
rover 11 12 What relationship do you see in this data between year and condition (How does age affect condition?). the newer the year, the better the condition Create a two way pivot table on a new worksheet showing Year vs. Condition using the Used Car Data.
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