Buy Statistics For Managers Discussion

Buy Statistics For Managers Discussion
QUESTION 1
Use this Excel spreadsheet to calculate your grade in this class. It 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. 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. MGMT 650 Grade Calculator:
QUESTION 2
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 60 bags produced in one hour by a single machine:
Buy Statistics For Managers Discussion
15.1 15.3 15.2 14.6 14.8 15.2 15 15.2 15 15.4 15.7 14.8 15.4 15.5 14.9 14.9 14.9 15.3 15.5 15.4 15.1 14.7 15.1 14.6 14.7 15.2 15.4 15.4 14.5 15.5 15.1 14.8 14.9 14.6 14.6 15.4 15 15.3 15.5 14.9 15.2 15.2 15 15.1 14.7 14.7 15.1 15 14.8 14.8 15.15 15.16 15 15.2 15.14 15.01 15.07 15 15.12 15.1 Find all of the following answers using built-in Excel functions A) Median: Mean: B) First quartile: Third Quartile C) Range. Hint: Use two Excel functions to find the range. Interquartile range. Hint: use two previously calculated numbers. Variance Standard deviation Coefficient of variation. Hint: This number is found using two previously calculated numbers.
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. What are the measures of central tendency for the sample? Interpret the measures of central tendency within the context of this problem. Should the company producing the rice bags be concerned about the central tendency? E. What are the measure of variance for this sample? Interpret the measures of variation within the context of this problem. Should the company producing the rice bags be concerned about variation?
QUESTION 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 functions will you get if you use QUARTILE()? B) The difference between STDEV.S() and STDEV.P(); and the difference between VAR.S() and VAR.P(). C) The difference between the functions, MAX() and MAXA(); and the difference between AVERAGE() and AVERAGEA()? D) Give an example of when you would use the COUNT() function; and and example of when you would use the COUNTA() function.
QUESTION 4
4. Frequency Distribution: Here is a hypothetical list of the number of caramel popcorn cans sold in 50 scout troops in Maryland. Use Excel’s capability (=FREQUENCY()) to create a frequency distribution using 5 bins. Number of Caramel popcorn cans sold in each troop 170 105 103 105 148 158 121 130 118 157 159 147 132 100 115 192 158 196 149 140 176 199 174 107 179 183 129 194 119 150 198 171 120 151 163 108 184 134 186 175 180 114 107 107 165 137 184 200 189 103 MIN Use the =MIN() function to find the lowest number of popcorn cans sold. MAX Use the =MAX() function to find the highest number of popcorn cans sold. Subtract the lowest number of cans sold from the highest number of cans sold: The range of number of cans sold is: Now divide the range of the cans sold by 5 to find the size that each bin should be Size of bin is Create your bins: Start with the minimum number of cans sold and add the size of the bins. Therefore, plus is the highest number that the first bin should be. The =FREQUENCY() function uses the highest number of each bin when calculating the number in each bin. The next bin highest number starts with the first bin’s highest number and adds the size of the bins. Therefore, the second bin begins with and adds the bin size to get Continue adding to get the Bins array for the =FREQUENCY() function. Follow the instructions in the youtube videos to use the =FREQUENCY() array function. You know that you have correctly used the =FREQUENCY() function if Excel automatically puts {} around the function. Min Bins: Frequency: Max
Buy Statistics For Managers Discussion
QUESTION 5
5. Use the frequency of the scout troop caramel popcorn cans sold data and the bins data from problem 4 to create: Number of Caramel popcorn cans sold in each troop 170 105 103 105 148 158 121 130 118 157 159 147 132 100 115 192 158 196 149 140 176 199 174 107 179 183 129 194 119 150 198 171 120 151 163 108 184 134 186 175 180 114 107 107 165 137 184 200 189 103 A) A histogram using the data analysis tool. (Don’t forget to check chart output at the bottom of the histogram popup window to put the histogram information that is generated into a chart.) Histogram: B) A Bar Chart: C) A Pie Chart: