Homework: Essential Statistics and Analytics
Introduction:
As a professional in the real world, you will need to research and understand various aspects of Business applications. Basic statistical analysis can be used to gain an understanding of current problems. This course project will assist you in applying basic statistical principles to a fictional scenario in order to impact the clients being served.
Your Course Project will be completed in phases throughout the course. As you gain additional knowledge through the didactic portion of this course, you will be able to apply your new skills to this project. You will receive formative feedback from your instructor on each submission. The final project will be due in Module 05.
Scenario: Salary Distributions
A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $40,000 to $120,000 per year. As a Business Analyst your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:
o A listing of the jobs by title
o The salary (in dollars) for each job
The client needs the preliminary findings right away. Time to get to work!!!!
Background information on the Data:
The data set consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $40,000 to $120,000 for the state of Minnesota.
Remember, this project will be completed over the duration of the course. The requirements for each homework are as follows:
Instructions for Each Homework in the Course Project
Your analysis of this data set should include the following:
A. Introduce your scenario and data set.
a. Provide a brief overview of the scenario you are given above and the data set that you will be analyzing.
b. Classify the variables in your data set.
• Which variables are quantitative/qualitative?
• Which variables are discrete/continuous?
• Describe the level of measurement for each variable included in your data set.
B. Summarize and graph your data.
a. Choosing one of the quantitative variables from your data set, construct a frequency distribution that has a minimum of 5 classes (please do not include more than 10 classes). The frequency distribution should contain the following columns:
I. Lower and Upper Class Limits
II. Frequencies
III. Class Boundaries
IV. Midpoints
V. Relative Frequencies
VI. Cumulative Frequencies
VII. Interpret the results of your frequency distribution in context of your chosen scenario.
VIII. Using the same variable from your frequency distribution, construct a histogram.
• Summarize the results of your histogram.
a) Discuss the construction of your histogram.
b) What values were used on the horizontal and vertical axes?
c) What does the height of the bars represent?
d) What is the shape of the distribution?
e) Interpret the results of your histogram in context of your chosen scenario.
IX. Conclusion
• Recap your ideas by summarizing the information presented.
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.