Math - Statistics Supplement
Smiley21
SupplementTestF17SPS.pdf.docxBackground Scenario Information for the Project:
Pretend you landed a new job working in an industry of your choice which provides a good or service. The company is going through a change in management and is assessing the cost of the good or service provided. Management, knowing of your statistics savvy, tasks you with collecting data, presenting your findings and making a suggestion of what cost should be assigned to the good or service you chose.
To Start the Project:
1. Choose a good or service for this project. Do not get overly specific such as one specific brand of clothing or an item without much variation. Instead, choose something you could generically ask a person, “How much would you be willing to spend on [good/service]?” For instance, if I worked at a movie theatre, I could ask people how much they would be willing to spend, in general, to go see a movie. Or if I worked at a clothing company, I could ask how much people would be willing to spend, in general, on a pair of pants.
2. Collect data from 30 women. You can use any method you desire to ask people your question, including social media. Make sure to get first initial and last name from each person.
3. Collect data from 30 men by asking them the same question. Again, get each person’s first initial and last name.
4. Collect the price for 30 items matching the good or service you chose (for instance, 30 different local theaters for ticket prices). You must use four or more stores/companies, but have the choice of going to the stores, going online or a combination of the two to gather prices. State the name of the store for each item.
The Calculations & Explanations for the Project: Show all work.
5. Create three frequency distributions: one for women, one for men and one for the actual collected prices. Use 5 to 7 classes for each distribution. (2 points each = 6 points)
6. Create three histograms: one for each frequency distribution you created in step #6. Title each histogram and label the axes. (2 points each = 6 points)
7. Calculate the following, separately, for the female data, male data and good/service data:
a. Mean (1 point) d. Range (1 point)
b. Median (1 point) e. Midrange (1 point)
c. Mode(s) (if any) (1 point) f. Standard Deviation (2 points) 9. Combine all of your data and calculate the following once:
a. 5 Number Summary. (1 point)
b. Test for outliers. (1 point)
c. Create one boxplot. Make sure to title and label your graph. If your data has outliers, adjust your boxplot and mark the outliers accordingly. (2 points)
Continued on the other side… →
10. Based on your data, answer the following questions:
a. Which gender is willing to spend more on the good/service you chose? Explain your reasoning. (1 point)
b. How did the price women were willing to spend compare to the actual prices collected? Explain your reasoning. (1 point)
c. How did the price men were willing to spend compare to the actual prices collected?
Explain your reasoning. (1 point)
d. You are asked to attend a board meeting with the executives of the company you are working for. Summarize in one paragraph what price you suggest using and what led you to that answer. (3 points)
To Turn In the Project:
11. Attach your lists including the following information: (Will not grade without these!)
a. Women (#3): names (first initial and last name), price willing to pay
b. Men (#4): names (first initial and last name), price willing to pay
c. Good/Service prices (#5): store/company name, price of item
12. Attach your frequency distributions.
13. Attach your histograms.
14. Attach your work and answers for #8.
15. Attach your work, answers and boxplot for #9.
16. Attach your answers to #10.
If StatCrunch was used, it can count as showing your work for #6 - 10 if you create a report and email me the link!
