G163 Essential Statistics and Analytics and Homework

G163 Essential Statistics and Analytics – Course Project Option 1

Introduction:

As a professional in the real world, you will need to research and understand various aspects of Business applications. Basic statistical analysis can be used to gain an understanding of current problems. This course project will assist you in applying basic statistical principles to a fictional scenario in order to impact the clients being served.

Your Course Project will be completed in phases throughout the course. As you gain additional knowledge through the didactic portion of this course, you will be able to apply your new skills to this project. You will receive formative feedback from your instructor on each submission. The final project will be due in Module 05.

Scenario: Salary Distributions

A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $40,000 to $120,000 per year. As a Business Analyst your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:

· A listing of the jobs by title

· The salary (in dollars) for each job

The client needs the preliminary findings right away. Time to get to work!!!!

Background information on the Data:

The data set consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $40,000 to $120,000 for the state of Minnesota.

Remember, this project will be completed over the duration of the course. The requirements for each assignment are as follows:

Instructions for Each Assignment in the Course Project

Part 2 -- Submit during Module 03:

This assignment should be formatted using APA guidelines and be a minimum of 2 pages in length.

1. Discuss the importance of the Measures of Center and the Measures of Variation.

a. What are the measures of center and why are they important?

b. What are the measures of variation and why are they important?

The data contains of the various job types in a particular region Minnesota. It tells us about the Salary of each job type. the salary is provided in per annum terms. The aim of this research is to understand the salary distribution for various kinds of jobs. The data contains of 364 different job types. This data is provided by Bureau of labor Statistics. There are two variables, job titles which is nominal data and qualitative. Salary, which is quantitative data and continuous. It gets measured in ratio scale. Importance of measures of central tendency and measures of variation is that, measures of central tendency help us find a single data point or value that can best represent the data and help us find the reference point of data. Mean is the most commonly used measures of central tendency. Mode tells us the most common data value, the one that is repeated the maximum number of times and median indicates the middle value when all the points are arranged in an order. They are important because they help us use a reference point for the entire data. They also help us analyze the data from different viewpoints. Measures of variation helps us know the consistency in the data values, it tells us how varied the values in the data set are and that helps us compare tow data sets easily. There are various types of measures of variation, like standard deviation, mean deviation, quartile deviation, coefficient of variation and many others. They all have different aspects of variation to be explained and helps us understand the data in a better manner.

1. Using the variable that you analyzed in Part 1, calculate the measures of center and measures of variation. Interpret your results in context of your chosen scenario.

a. Mean

b. Median

c. Mode

d. Midrange

e. Range

f. Variance

g. Standard Deviation

Salary
Mean	62306.13
Standard Error	1003.692
Median	56520
Mode	46100
Standard Deviation	19149.21
Sample Variance	3.67E+08
Skewness	0.258251
Kurtosis	1.03E+00
Range	79680
Minimum	40170
Maximum	119850
Sum	22679430
Count	364

Summary statistics Value Formula Interpretation Mean 62,306 Average(data) The average salary for the different jobs in the state of Minnesota is 62,306. Median 56,520 Median(data) The median salary for the different jobs in the state of Minnesota is 56,520 i.e. 50% of the salary lies below this value and 50% of the salaries are above 56520. Mode 46,100 Mode(data) The highest occurring salary for different jobs in the state of Minnesota is 46100. Midrange 80,010 =(Max(data)+Min(data)/2 It gives the middle salary range of the different jobs in the state of Minnesota by taking into consideration the average of the largest and smallest value. Range 79,680 =Max(data)-Min(data) It gives the range of variation of all the salary of the different jobs in the state of Minnesota. It helps us get a rough idea about how spread the salary is in the state. Variance 366692391.3 =Var(array) Variance gives us an estimate of how far the salary of the different jobs of the state vary from the central value. A lower variance is preferred in ideal conditions. Standard Deviation 19149.21386 =Stedev(array) Standard deviation is the square root of variance and it is also used to estimate the amount of variability in the salary of different jobs.

Perform an exploratory data analysis on your variable by calculating the 5-number summary. Interpret your results in context of your chosen scenario.

Minimum is the minimum data, which is 40170.

Q1 is equal to 364 divided by two=182/2= 91

Q2 is equal to 119,850+40170160,02080,010. Q2 represent the midrange, which is interpreted as maximum-minimum.

Q3 is equal to 79,680. Q3 represent the range, which is interpreted as, maximum minus minimum, equal to 119,850 - 40,170= 79,680

Maximum is equal is the maximum data, which is 119850.

Conclusion

a. Recap your ideas by summarizing the information presented.

I DID NOT DO THIS PART.