Explore BrainMass
Share

Presentation on definitions, and uses of statistics

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

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.
o

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

© BrainMass Inc. brainmass.com October 25, 2018, 1:21 am ad1c9bdddf
https://brainmass.com/business/managerial-statistics/presentation-definitions-uses-statistics-260595

Attachments

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.

$2.19
See Also This Related BrainMass Solution

Statistics: Hypothesis Testing on Single and Multiple Populations and Regression Analysis

Hypothesis Testing

1. The MBA department is concerned that dual degree students may be receiving lower grades than the regular MBA students. Two independent random samples have been selected 450 observations from population 1 (dual degree students) and 410 from population 2 (MBA students). The sample means obtained are X1(bar) =84 and X2(bar) =86. It is known from previous studies that the population variances are 4.6 and 5.0 respectively. Using a level of significance of .05, is there evidence that the dual degree students are receiving lower grades? Fully explain your answer.

Simple Regression

2. A CEO of a large pharmaceutical company would like to determine if he should be placing more money allotted in the budget next year for television advertising of a new drug marketed for controlling diabetes. He wonders whether there is a strong relationship between the amount of money spent on television advertising for this new drug called DIB and the number of orders received. The manufacturing process of this drug is very difficult and requires stability so the CEO would prefer to generate a stable number of orders. The cost of advertising is always an important consideration in the phase I roll-out of a new drug. Data that have been collected over the past 20 months indicate the amount of money spent of television advertising and the number of orders received.

The use of linear regression is a critical tool for a manager's decision-making ability. Please carefully read the example below and try to answer the questions in terms of the problem context. The results are as follows:

Month Advertising Cost (thousands of dollars) Number of Orders
1 $68.93 2,902,000
2 72.62 3,893,000
3 79.58 3,299,000
4 58.67 2,130,000
5 69.18 3,367,000
6 70.14 4,111,000
7 93.37 4,923,000
8 78.88 4,935,000
9 82.99 5,276,000
10 75.23 3,654,000
11 91.38 4,598,000
12 52.90 2,967,000
13 61.27 2,999,000
14 89.19 4,345,000
15 90.03 4,934,000
16 78.21 3,653,000
17 83.77 5,625,000
18 82.53 5,978,000
19 98.76 5,999,000
20 72.64 5,834,000

a. Set up a scatter diagram and calculate the associated correlation coefficient. Discuss how strong you think the relationship is between the amount of money spent on television advertising and the number of orders received. Please use the Correlation procedures within Excel under Tools > Data Analysis. The Scatterplot can more easily be generated using the Chart procedure.
NOTE: If you do not have the Data Analysis option under Tools you must install it. You need to go to Tools select Add-ins and then choose the 2 data toolpak options. The original Excel CD will be required for this installation. It should take about a minute.
b. Assuming there is a statistically significant relationship, use the least squares method to find the regression equation to predict the advertising costs based on the number of orders received. Please use the regression procedure within Excel under Tools > Data Analysis to construct this equation.
c. Interpret the meaning of the slope, b1, in the regression equation.
d. Predict the monthly advertising cost when the number of orders is 5,000,000. (Hint: Be very careful with assigning the dependent variable for this problem)
e. Compute the coefficient of determination, r2, and interpret its meaning.
f. Compute the standard error of estimate, and interpret its meaning.

Hypothesis Testing on Multiple Populations

3. The Course Manager for AMBA 610 wants to use a new tutorial to teach the students about business ethics. As an experiment she randomly selected 15 students and randomly assigned them to one of three groups which include either a PowerPoint presentation created by the faculty, AuthorGen Presentation created by the faculty, or a well known tutorial by the ABC company. After completing their assigned tutorial, the students are given a Business Ethics test. At the .10 significance level, can she conclude that there is a difference between how well the different tutorials work for the students?
Students Grades on the Business Ethics Test following the Tutorial

PowerPoint Tutorial AuthorGen Tutorial ABC Tutorial
98 79 65
85 86 73
91 72 78
87 82 96
98 91 97

View Full Posting Details