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MGMT 650 Statistics for Managerial Decision Making Assignment - University of Maryland Global Campus, USA

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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.

 Points Weight Acheved Grade Homework 98 7.35 98% Quiz 3 38 1.9 38% Quiz 4 52 2.6 52% Quiz 5 84 4.2 84% Mid Term Exam 63 6.3 63% Quiz 7 90 4.5 90% Quiz 8 42 2.1 42% Critical Review 48 4.8 48% Quiz 10 87 4.35 87% Homework 11 62 4.65 62% Final Exam 53 10.6 53% Class Participation 48 7.2 48%

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Q2. Here is sample data showing the length of nails in boxes labled 1 1/4 inch. The data is in inches.

 1.26 1.22 1.27 1.21 1.22 1.25 1.22 1.25 1.25 1.23 1.24 1.24 1.29 1.24 1.27 1.29 1.23 1.22 1.23 1.26 1.28 1.25 1.25 1.23 1.26 1.23 1.26 1.29 1.26 1.26 1.23 1.21 1.23 1.21 1.22 1.22 1.24 1.21 1.23 1.25 1.21 1.28 1.26 1.25 1.22 1.29 1.22 1.22 1.29 1.24 1.21 1.22 1.23 1.26 1.28 1.26 1.28 1.21 1.21 1.21 1.29 1.26 1.26 1.28 1.25 1.24 1.24 1.27 1.28 1.24 1.21 1.25 1.23 1.25 1.29 1.29 1.22 1.21 1.28 1.27

For the following questions, you must use Excel formulas in the cells so that Excel calculates the answers for you.

1) Compute the mean:

1.246

Compute the median

1.245

Find the mode

1.260

2) Compute the first quartile; use =QUARTILE.EXC()

1.220 First Quartile

Compute the third quartile; use =QUARTILE.EXC()

1.260 Third Quartile

3) Compute the interquartile range

0.040

4) Find the largest number

1.290

Find the smallest number

1.210

What is the range?

0.080

5) What is the Variance? Use =VAR.S()

0.001

What is the standard deviation? Use =STDEV.S()

0.026

6) What is the Coefficient of Variation, or the CV?

2.07%

7) When is the Coefficient of Variation especially useful?

The coefficient of variation is useful in finding the precision of the variable

Copy all of the data into a column, use Column M and go from cell M1:M80

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8) Use the Data Analysis tool on the numbers just copied to find the Descriptive Statistics:

Click on Data Analysis and Choose Descriptive Statistics

Click on the Summary Statistics box.

Highlight the mean, median, mode, Standard deviation, Range, Minimum, and Maximum

Notice that the Data Analysis tool gives you all of the info needed for this problem except for the quartiles, variance, and CV

 Column1 Mean 1.2459 Standard Error 0.0029 Median 1.245 Mode 1.26 Standard Deviation 0.0258 Sample Variance 0.0007 Kurtosis -1.113 Skewness 0.2358 Range 0.08 Minimum 1.21 Maximum 1.29 Sum 99.67 Count 80

9) Interpret the measures of central tendency within the context of this problem. Should the company producing the nails be concerned about the central tendency?

The mean length of nails in the box is 1.246 inch with a standard deviation of 0.026 inches. The median length of nails in the box is 1.245 inches and the recorded minimum and maximum length of the nails in the box is 1.21 inches and 1.29 inches respectively.

10) Interpret the measures of variation within the context of this problem. Should the company producing the nails be concerned about variation?

The standard deviation is 0.026 inches and the coefficient of variation is 2.07%, indicating that the variation does not show any biggest concern and hence the management can proceed with the current produciton technique.

11) Using the data on the Pivot Table Data Sheet, create a Pivot table showing.

The Type of Movie and the Domestic Gross of each Type; columns D and I on the Pivot Table Data Sheet.

Have three columns: Type, Count of Type, and Sum of Total Domestic Gross.

Format the Domestic Gross Field using \$.

 Row Labels Count Sum Action 19 \$1,269,342,930.00 Cartoon 12 \$1,634,739,914.00 Comedy 37 \$1,148,151,141.00 Documentary 10 \$106,445,628.00 Drama 55 \$1,479,028,725.00 Family 4 \$246,128,748.00 Fantasy 4 \$427,793,715.00 Horror 14 \$779,935,002.00 Musical 2 \$291,335,107.00 Romance 2 \$25,937,130.00 Sci-Fi 13 \$868,541,436.00 SuperHero 6 \$2,459,594,075.00 Thriller 20 \$627,854,287.00 Unknown 1 \$2,999,134.00 Western 1 \$3,143,056.00 Grand Total 200 \$11,370,970,028.00

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12) Which type of movie had the highest Domestic Gross Total for 2018?

Super Hero

13) Which type of movie had the highest number of films made of that type in 2018?

Documentary

(You might try making more/different pivot tables to learn about the raw data. What do you want to know about Domestic Movies in 2018?)

Number of likes and dislikes for the movie.

Number of people who visited the theatre to watch the movie.

14) Use the Data in the Pivot Table Data Sheet to create a Frequency Chart:

What is the Total DomesticGross of the lowest movie sales? Hint - use either =MIN()or just choose the movie at the bottom of the list

\$2,032,018

What is the Total DomesticGross of the highest movie sales? Hint - use either =MAX()or just choose the movie at the top of the list

\$700,059,566

15) Subtract the lowest from the highest

The range of Total Domestic Gross for these movies is

\$698,027,548

16) We will use 10 bins so divide the range by 10:

\$69,802,754.80

Each bin will be: \$69,802,755 wide.

Add the width of the bins \$69,802,754.80

This number is the highest total for the first bin. Put this number is cell C21 for the first bin.

Now add the number that you just put into cell 21 to cell C27. Remember that C13 contains the width of each bin.

The next bin highest number starts with the first bin highest number and adds the size of the bins

Therefore, the second bin begins with \$139,605,509.60 and adds the bin size \$69,802,754.80 to get \$209,408,264.40

Continue adding to get the Bins array for the =FREQUENCY() function.

The last bin number in cell C36 will equal the highest Domestic Gross movie total.

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17) Here are the highest numbers for each bin:

 Bins: Frequency: \$69,802,755 \$139,605,509.60 177 \$139,605,509.60 \$209,408,264.40 10 \$209,408,264.40 \$279,211,019.20 7 \$279,211,019.20 \$349,013,774.00 2 \$349,013,774.00 \$418,816,528.80 1 \$418,816,528.80 \$488,619,283.60 0 \$488,619,283.60 \$558,422,038.40 0 \$558,422,038.40 \$628,224,793.20 1 \$628,224,793.20 \$698,027,548.00 1 \$698,027,548.00 \$767,830,302.80 1

18) 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.

Don't forget to push Control-Shift-Enter at the same time to enter the =FREQUENCY function.

 Bins: Frequency: \$69,802,755 \$139,605,509.60 177 \$139,605,509.60 \$209,408,264.40 10 \$209,408,264.40 \$279,211,019.20 7 \$279,211,019.20 \$349,013,774.00 2 \$349,013,774.00 \$418,816,528.80 1 \$418,816,528.80 \$488,619,283.60 0 \$488,619,283.60 \$558,422,038.40 0 \$558,422,038.40 \$628,224,793.20 1 \$628,224,793.20 \$698,027,548.00 1 \$698,027,548.00 \$767,830,302.80 1

Copy the Bins and Frequency Data from the Q4 - Frequency sheet

 Frequency: \$177.00 \$10.00 \$7.00 \$2.00 \$1.00 \$- \$- \$1.00 \$1.00 \$1.00

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19) Histogram - Create a Histogram of the Bins and Frequency data by first creating a column Chart.

20) Format the historgram so there are no spaces between the bars. Histograms have not spaces and the graph does not become a Histogram until the spaces are removed.

Add a title to the Histogram

Add horizontal and Vertical Axes titles

21) Explain the difference between a histogram and a bar graph:

Histogram is used to continuous data and has no space in between the bars. On the other hand, bar chart is used for qualitative data which normally used to be separated with gaps between the bars

22) Make a pie chart of the frequency data with a title and Legend:

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