Missing something

Data

Question 1

1a. Provide a brief overview of the scenario you are given and describe the data set. The data analysis is from the Bureau of Labor Statistics and consists of 364 records that contain jobs located in Minnesota. The salaries range from $30,000 to $200,000 per year. esearch and analyze the salary distributions for one of our major clients.

1b. Describe how you will be analyzing the data set. Two variables present in this scenario; the first variable is job titles which are qualitative variables as they do not contain any numerical numbers. The second variable is salaries and considered a quantitative variable considering the data has a numeric property. Because the salary variable is quantitative, it is deemed continuous as the amount of money made annually can continuously change due to pay increases, promotions, and bonuses.

1c. List all variables in the data set. Define each variable as follows and explain your reasoning. > Quantitative or Qualitative? > If the variable is quantitative, is it Discrete or Continuous? > What is the level of measurement? (Nominal, Ordinal, Interval, or Ratio) Identifying the qualitative and quantitative variables makes it easier to determine the measurement level for both variables. The qualitative variables are the job titles as they have no numerical significance and can classify as a nominal measurement. Because an absolute zero can occur when analyzing, the listed salaries is consider a ratio measurement. By being employed, it is deemed a ratio since you could not make less than zero. If an incurred salary of zero occurred, one would not be employed.

Question 2

2. Name and describe each Measure of Center below. Include the advantages and disadvantages of each Measure of Center. Widely used to represent values in data sets is called measures of the center; this includes the mean, median, mode, and midrange.These measurement values are the center of data sets.The mean is usually the most significant of all numerical measurements used to describe data, and what most people associate to as an average” (Triola, 2018). some advantages of utilizing the mean are; it is a familiarity to most people; every data set has only one mean and is readily used for comparison. Disadvantages of the mean are that it is affected by extreme values, hard to calculate in extensive data, and not be calculated forgroup data with open-ended classes (Rasmussen 2018).The median in a data set is the measure of the center that is the middle value that arranges in an increasing or decreasing order (Triola, 2018). An advantage of the median is that extreme values do not influence the median. The use of the median has such disadvantages that it is not as valuable for statistical testing. Next is themode, “The mode of a data set is the value(s) that occur(s) with the greatestfrequency” (Triola, 2018). Essential properties of mode are that that mode can be found with qualitative data and can have only one mode, more than one mode, or no mode (Triola, 2018). Also, the mode has disadvantages, such as it might not beinformative and can vary from each sample.The final measure of the center is midrange. “The midrange of a data set is the measure of center that is the value that is midway amidst the maximum and minimum values in the original data set;” “because the midrange applies only the maximum and minimum values, it is very sensitive to those extremes, so the midrange is not resistant” (Triola, 2018 pg. 86). The rarely used midrange is not regularly a value; however, it is simple to measure and implements a midpoint in the data.

Question 3

3. Name and describe each Measure of Variation below. Include the advantages and disadvantages of each Measure of Variation. Measures of variation are the measurements that show how separate the data points are," and include range, Variance, and standard deviation (Rasmussen 2018). the variation between the maximum value and the minimum value is known as the range (Triola, 2018). The range's advantage is that it is easy to compute. The disadvantages of the range are only using extreme values, is rarely used, and does not provide information regarding the data inside the range. "Variance is the expectation of the squared deviation of a random variable from its mean. Informally, how spread out the data is. Advantages of Variance are calculating the standard deviation and each value in the data set used in calculation" (Rasmussen 2018). disadvantages of variances are: not easily calculated manually, and extreme values can skew the Variance. Finally, we have the standard deviation. "Standard deviation is the measure of how much data values deviate away from the mean. If individual observations vary greatly from the group mean, the standard deviation is big; and vice versa" (Rasmussen 2018). Advantages of standard deviation include; The value is never negative and is helpful in statistical methods and theoretical work, whereas the disadvantages are that it is hard to calculate manually and is not helpful for nominal or ordinal data. Using measures of center and variation allows analyzing data better.

Question 4

4. Calculate the Measures of Center and Measures of Variation on the "Data" tab in this document. List each value below and include the following: > Interpret each calculation in context of the scenario. (For example, if the median is larger than the mean, what does it mean? What does the value of standard deviation tell you?) > Include correct units of measurement on each answer. The average salary amount, or mean, of all the information collected, is $71,990.18 The total value of the median or middle salaries entered is $67,310 The mean and median could be considered a positive skew or skewed to the right .$159,960 There were seven modes that populated in the array $ 58,130 $58,660, $59,8000 $59,630, $66,710,$73,870,$79,960, $81,590. Due to the multiple modes, this is considered a multimodal mode. To obtain the midrange, first the maximum and minimum both had to be determined. The maximum is $192,180 and the minimum is $32,280. After finding the range in the salaries, the calculation for the midrange is $159,900 /2 =$79,950 The midrange tells us that the spread is diverse as there is a large difference between the min and the max of the salaries. The next value to find was the Variance which is $518,653,199.7. The Variance tells us the spread from the mean is minimal. Next, calculate the range and got $159,960. Due to the wide range, there is great variability in the data. Finally, after computing the standard deviation, it calculates out to $22,773.96 This standard deviation indicates that the data set values are farther away from the mean on an average.