Need a discussion for Business statistic class. The word document is just the problem. The excel named week 2 hint is to follow on how to build the data graph. The problem needs to be completed in excel.
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 75-150 words in length, and is due on Sunday. By Tuesday, you should respond to two additional posts from your peers.
Last week, we looked at a scenario in which:
ABC Enterprises is a growing company in which employees must frequently travel by car for business a few times each week. Currently, each employee is allotted 30 dollars each travel day to cover all meals. Sales employees often travel in a 1.5-hour radius of the office and frequently have multiple appointments each week. They have complained that that dollar amount for food is not enough, especially on days with multiple meetings. A survey, given by the CEO, was taken to get a sense of what the employees recommended for a new allotment. Although not all responded, the response rate was pretty good – 67%. Note: The 30 dollars is for food. Gas is a different amount given to the employees - please do not assume the 30 dollars includes fuel.
This week, you are going to use several key numbers to interpret the data. January 2022 Master.xlsx
Calculate the following in EXCEL. (There is a practice sheet in my Hints document in the discussion)
Mean, median, mode, range, standard deviation of the SAMPLE,
Then, answer these questions.
· What was the most frequent dollar amount given? Does that number seem to be in alignment with the other measures of central tendency? Why or why not?
· What is standard deviation? Does the standard deviation show that the data is clumped all together or spread apart?
· Let’s say that the data is normally distributed. The assigned chapters of the week mention the Empirical Rule. What dollar amount range is one standard deviation from the mean? What percentage of values are within one standard deviation from the mean?
· Using that same Empirical rule and let’s say the data is normally distributed, in what monetary range do 95.44% of all the responses fall?
· What is your analysis of what the company should do? What should the new dollar amount be? Why?
|How to Use Excel to calculate the mean, median mode…|
|** formulas will appear in the box above|
|To do||Notes from Dr. Klotz|
|mean||26.3333333333||Click in the green cell to see the formula used|
|median||16||Click in the blue cell to see the formula used|
|mode||ERROR:#N/A||There is no mode because no number is repeated|
|minimum||11||Click on the orange cell to see the formula used|
|maximum||80||Click on the red cell to see the formula used|
|range||69||Range is maximum minus minimum|
|variance||705.4666666667||Click on the gray cell to see the formula used|
|standard deviation||26.5606224827||Click on the pink cell to see the formula used|
|Select the cell next to the name of what it is. They are highlighted in yellow.|
|the word "average" appears|
|double click on the word "average"|
|highlight the cells in the data set|
|The average should appear.|
|Repeat with =min, =max, =std, =var, =medi, =mode…. To get all the values. I have an answer key so that you know if you did it right|
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