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Business Analytics: Data Analysis & Decision Making (Book Only) (5th Edition)

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Problem

The file P02_35.xlsx contains (fictional) data from a survey of 500 randomly selected households. Use Excel filters to answer the following questions.

a. Identify households that own their home and have a monthly home mortgage payment in the top quartile of the monthly payments for all households.

b. Identify households with monthly expenditures on utilities that are within two standard deviations of the mean monthly expenditure on utilities for all households.

c. Identify households with total indebtedness (excluding home mortgage) less than 10% of the household’s primary annual income level.

Step-by-step solution

The household data is given below.

Comment

Considering the problem first create an Excel table.

To do so,

1. Select any cell in the data set.

2. Click on Table Button in the left part of Insert Ribbon.

3. A dropdown arrow appears next to each variable name.

4. Using the dropdown menu filter the data in as many ways as you want.

5. Copy and Paste the filtered data on a different sheet to perform further calculations.

Comment

a. Here, the formula to calculate the quartile of monthly payment is given below.

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Recommended solutions for you in Chapter 2

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To calculate the mean use formula” =AVERAGE (Sheet1!$H$2:$H$501)” and for standard deviation “=STDEV(Sheet1!$H$2:$H$501)” .

Hence the calculated values are as follows.

Comment

The households that own their home and have a monthly home mortgage payment in the top quartile of the monthly payments for all the households are 19 in number. The top quartile Q1 and the value is $705.

Comment

b. The households with monthly expenditures on utilities that are within two standard deviations of the mean monthly expenditure on utilities for all households will include all the 500

households because all the values lie within limits.

Since, all the expenditure on utilities is within these limits therefore all 500 households shall be included.

Comment

c. The 10% of the Household’s primary annual income level is $4,375 there are total 260 households with total indebtedness less than 10% of the Household’s primary income level.

Comment

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Chapter 2, Problem 4P

The file P02_04.xlsx contains salary data on all Major League Baseball players for each year from 2002 to 2011. (The 2011 sheet is used for examples later in this chapter.) For any three selected years, create a table of counts of the various...

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Chapter 2, Problem 31P

There is no consistent way of defining an outlier that everyone agrees upon. For example, some people refer to an outlier that is any observation more than three standard deviations from the mean. Other people use the box plot definition, where...

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