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    Interpolating Data - Determining Average Values

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    Under Federal Tab 1, find two ways to interpolate the data. Review District of Columbia observations and determine whether each is an outlier and if so, determine the replacement value. For each of the four variables in federal data, determine the average value for each value used with the missing value unchanged.

    Using the information under the Federal Debt Tab, find gross domestic product for all the years listed. Is sensitivity analysis needed? Why or why not?

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    Solution Preview

    This tutorial must be read together with the attached Excel file.

    1. Data interpolation
    a. Interpolation means constructing new data from given data. Simply, it means interpreting the data in a way that non-mythically educated people can understand
    b. Two methods
    i. Averaging data is one of the simplest way to interpolate a series of data
    • For example, the average total justice system is 502 which puts states such as Wyoming, District of Columbia and others to be above average.
    ii. Correlation coefficient measures the relationship between different ...

    Solution Summary

    The expert determines the aver values of interpolating data.