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Presentation on definitions, and uses of statistics

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You are assisting both Production departments in analyzing transportation capacity. Data has been collected on truck capacity (# of bags), truck weight, and truck age (in years) for the entire fleet. You have been asked to provide the major summary statistics for this information and you realize you will need to provide explanation of terminology as well.

? Calculate the mean, median, mode, range, variance and standard deviation. You can find the formula for all these functions in any spreadsheet program. In MS Excel, you may have to load the "Data Analysis ToolPak". To do this follow these steps:
o Click on the Microsoft Office Button in the far upper left.
o Click "Excel Options"
o Click "Add-Ins"
o In the Manage box at the bottom, select "Excel Add-ins", then click "Go"
o Select "Analysis ToolPak", then click "Ok"
 (If Analysis ToolPak is not listed in the Add-Ins box, click "Browse" to locate it. If you get prompted that the Analysis ToolPak is not currently installed on your computer, click "Yes" to install it.
o After you load the Analysis ToolPak, the Data Analysis command will become available in the Analysis group on the Data tab.

Prepare a 5-6 slide presentation that explains the following:
o the difference between mean, median and mode
o when each is appropriate to use
o the relationship between variance and standard deviation
o why both measures are necessary
o the relationship of these measures to estimation theory.
o Use the Sample Data to illustrate your points
o Create a table on one slide showing the results of the six calculations for each of the three variables

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Solution Preview

I have answered all that is needed. The calculation for standard deviation and variance is a little bit of a long process but I ...

Solution Summary

This solution is comprised of detailed calculation and uses of statistics concepts.