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

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Question 1 - Create a spreadsheet that automatically calculates your grade in this class as you enter the grades that you receive. It should include: 1) the weights of each graded assignment, 2) your grade in each assignment, and 3) your final grade.

Assignment

Mark

Weight of Grade

My Grade

Final Grade

Assignment 1

82

3.28

0.328

B

Assignment 2

92

3.68

0.368

B

Assignment 3

62

2.48

0.248

C

Assignment 4

78

3.12

0.312

B

Assignment 5

52

2.08

0.208

C

Assignment 6

42

1.68

0.168

D

Question 2 - 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

1.25

Compute the median

1.25

Find the mode

1.26

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

1.22 First Quartile

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

1.26 Third Quartile

3) Compute the interquartile range

0.04

4) Find the largest number

1.29

Find the smallest number

1.21

What is the range?

0.08

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

0.00

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

0.03

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

2.07

7) When is the Coefficient of Variation especially useful?

Coefficient of variation(CV) is the ratio of standard deviation and mean. CV is use to compare the two data set. Its unit free measurement. Its useful when we measure the variability of two data set.

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 length of nails

length of nails

1.26

1.24

1.28

1.23

1.21

1.21

1.29

1.21

1.22

1.24

1.25

1.21

1.28

1.22

1.26

1.25

1.27

1.29

1.25

1.23

1.26

1.23

1.26

1.23

1.21

1.24

1.23

1.21

1.25

1.26

1.28

1.25

1.22

1.27

1.26

1.22

1.22

1.28

1.25

1.29

1.25

1.29

1.23

1.22

1.29

1.26

1.24

1.29

1.22

1.23

1.26

1.24

1.22

1.28

1.24

1.22

1.25

1.22

1.29

1.21

1.22

1.21

1.27

1.21

1.25

1.23

1.26

1.23

1.29

1.21

1.28

1.28

1.23

1.26

1.26

1.25

1.24

1.21

1.24

1.27

 

Mean

1.25

Standard Error

0.00

Median

1.25

Mode

1.26

Standard Deviation

0.03

Sample Variance

0.00

Kurtosis

-1.11

Skewness

0.24

Range

0.08

Minimum

1.21

Maximum

1.29

Sum

99.67

Count

80

Largest(1)

1.29

Smallest(1)

1.21

Confidence Level (95.0%)

0.01

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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?

Total sample is 80. The mean length of nails in boxes labled is 1.25 inch and standard deviation is 0.03. The maximum length of nails is 1.29 inch and the minimum length of nails is 1.21. the company should not producing the nails be concerned about variation because its less then ± 10%.

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

Total sample is 80. The mean length of nails in boxes labled is 1.25 inch and standard deviation is 0.03. The maximum length of nails is 1.29 inch and the minimum length of nails is 1.21. The company should or should not producing the nails be concerned about central tendency, its depend upon what average length of nails company wants.There was no sufficients evidence to mate a such statement.

Question 3 -

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 $.

Type

Sum of Total DomesticGross in Millions

Count of Type

SuperHero

$2,459,594,075

6

Cartoon

$1,634,739,914

12

Drama

$1,479,028,725

55

Action

$1,269,342,930

19

Comedy

$1,148,151,141

37

Sci-Fi

$868,541,436

13

Horror

$779,935,002

14

Thriller

$627,854,287

20

Fantasy

$427,793,715

4

Musical

$291,335,107

2

Family

$246,128,748

4

Documentary

$106,445,628

10

Romance

$25,937,130

2

Western

$3,143,056

1

Unknown

$2,999,134

1

Grand Total

11370970028

200

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

SuperHero

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

Drama

(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?)

Type of movies

Sum of # Theaters

Action

54296

Cartoon

37178

Comedy

77368

Documentary

7431

Drama

83576

Family

12031

Fantasy

15337

Horror

37934

Musical

7604

Romance

3600

Sci-Fi

36658

SuperHero

25547

Thriller

45878

Unknown

703

Western

1141

Grand Total

446282

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

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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: 14621

$69,802,755

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

Start with the minimum number: $2,032,018

Add the width of the bins $71,834,773

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 $71,834,773 and adds the bin size $69,802,755 to get $141,637,527.60.

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

17) Here are the highest numbers for each bin:

Bins:

Frequency:

$71,834,773

162

$141,637,528

16

$211,440,282

10

$281,243,037

6

$351,045,792

2

$420,848,547

1

$490,651,302

0

$560,454,056

0

$630,256,811

1

$700,059,566

1

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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:

$71,834,773

162

$141,637,528

16

$211,440,282

10

$281,243,037

6

$351,045,792

2

$420,848,547

1

$490,651,302

0

$560,454,056

0

$630,256,811

1

$700,059,566

1

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

Bins:

Frequency:

$71,834,772.80

162

$141,637,527.60

16

$211,440,282.40

10

$281,243,037.20

6

$351,045,792.00

2

$420,848,546.80

1

$490,651,301.60

0

$560,454,056.40

0

$630,256,811.20

1

$700,059,566.00

1

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

Statistics for Managerial Decision Making Assignment.png

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:

Barchart represent the groups by categorical variable and histogram represent the group by quantitative variable. Barchart not shows the skewness of the data. But histogram represent the skewness of the data.

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

Statistics for Managerial Decision Making Assignment1.png

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