Spring 2024 Project #2
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School
Wilmington University *
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Course
205
Subject
Mathematics
Date
Apr 3, 2024
Type
docx
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2
Uploaded by JusticePowerOpossum36
Spring 2024 MAT205 Project #2
Once you understand descriptive statistics and can calculate statistical measures by hand, the ability to use software like Microsoft Excel to create visuals and use spreadsheet formulas to perform calculations saves a lot of time and energy. Those who use statistics in the workforce for decision making, predictions, etc. will tell you that it is very important to understand descriptive statistics and be able to calculate statistical measures by hand, but it is even more important to understand the results and apply them to scenarios.
Case study: You are the owner of “Poptastic”. For the past few years, to help supplement your family’s income, you have sold premium, homemade popsicles from your food truck and a few local businesses in Pensacola, FL. You want to take a close look at your monthly popsicle sales from 2023 (in number of popsicles sold):
January
February
March
April
May June
July
August
September
October
November
December
215
365
410
430
500 720
840
750
580
510
410
320
Note: Microsoft 365 is free to all WilmU students. Click on the link below for more information:
https://www.wilmu.edu/techres/microsoft-365-for-students.aspx
1. Use Microsoft Excel to create the following visuals for your monthly popsicle sales (be sure to label things where appropriate):
Bar graph
Line graph
Using what you know about the trends and changes in your popsicle sales along with what you have learned about the differences between bar graphs and line graphs, which
visual do you feel most clearly communicates your monthly popsicle sales for the year?
I feel the bar
graph is the best to measure the central tendency. It is the best in my opinion because it it easier to read.
2. Use formulas in Microsoft Excel to calculate the following for your monthly popsicle sales (round to two decimal places when necessary):
Mean
Median
Mode
5-Number Summary
Range
Sample standard deviation
Outliers (if any) none because there are no data values less than or more than the upper and lower boundaries
.
3. What do you feel is the best measure of central tendency for your monthly popsicles sales, the mean or median? Why? The mean is the best measure because it uses all the values in the data set. There are no outliners either so it helps determine the data set better. 4. Assume this data set approximately follows a normal distribution.
What is the z-score for 700 popsicles? 1.05
Using this z-score and the standard normal probability distribution table or calculator you use in ALEKS (OR formulas in Excel), find the probability that you will sell over 700 popsicles in one month. Round to 4 decimal places.
How can you use probabilities like this one to help plan your monthly and annual purchases for your business? The probability of us selling over 700 has a 14% chance.
5. You are considering hiring some part-time help. Based on a friend’s analysis of your business (he is a business consultant), he says it would be best to only hire part-time work for months where monthly popsicle sales were more than 1 standard deviation above the mean. According
to his advice, which months should you hire part-time help? Why?
We should hire help in June, July and August because that is when it is busy. During the summer is when sales start to peak. Please answer #3-#5 above directly in this Word document and put your final answers in bold to make them stand out
. You MUST explain your answers to get full credit.
You will need to submit both your Excel file and Word file in Canvas.
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