In a recent ranking of top graduate business schools in the United States published by U.S. News & World Report, data were provided on a number of attributes of recognized graduate programs. Specifically, the following variables were considered by U.S. News & World Report in establishing its overall ranking: each program's rating by peer institutions, each program's reputation rating by recruiters, the average undergraduate grade-point average for students enrolled in each program, the average GMAT score for students enrolled in each program, each program's acceptance rate, the average starting salary for recent graduates from each program, the proportion of graduates from each program who were employed at the time of graduation, the proportion of graduates from each program who were employed within three months of completing their graduate studies, the out-of-state tuition paid by affected full-time students in each program, and the total enrollment in each program. The data are listed in the file P02_08.xlsx.
a. Indicate the type of data for each of the 10 variables considered in the formulation of the overall ranking.
b. For each of the categorical variables in this set, indicate whether the identified variable is nominal or ordinal. Explain your reasoning in each case.
c. Create a frequency table and histogram for each of the numerical variables in this data set. Indicate whether each of these distributions is approximately symmetric or skewed. Which, if any, of these distributions are skewed to the right? Which, if any, are skewed to the left?
This solution is comprised of detailed statistical analysis of the given problem and provides students with a clear perspective of the underlying concepts.