Statistics
Latina17
step_3.docxStep 3: Add Data
In Section 1 on the Data page, complete each column of the spreadsheet to arrive at the desired calculations. Use Excel formulas to demonstrate that you can perform the calculations in Excel. Remember, a cell address is the combination of a column and a row. For example, C11 refers to Column C, Row 11 in a spreadsheet.
Reminder: Occasionally in Excel, you will create an unintentional circular reference. This means that within a formula in a cell, you directly or indirectly referred to (back to) the cell. For example, while entering a formula in A3, you enter =A1+A2+A3. This is not correct and will result in an error. Excel allows you to remove or allow these references.
Hint: Another helpful feature in Excel is Paste Special. Mastering this feature allows you to copy and paste all elements of a cell, or just select elements like the formula, the value or the formatting.
"Names" are a way to define cells and ranges in your spreadsheet and can be used in formulas. For review and refresh, see the resources for Create Complex Formulas and Work with Functions.
Ready to Begin?
1. As a starting point, in cell D9, use Define a Name under the Formulas menu to create the name "Annual_Hrs." When setting up the name, enter the constant =2080 in the box named "Refers to." This is the number most often used in annual salary calculations based on full time, 40 hours per week, 52 weeks per year.
2. In E11, create a formula that calculates the hourly rate for each employee, by referencing the employee’s salary in Column C, divided by the name you created for the annual hours of 2080. Complete the calculations for the remainder of Column E.
3. In Column F, calculate the number of years worked for each employee by creating a formula that incorporates cell F9 and demonstrates your understanding of relative and absolute cells in Excel.
4. In Column I, use an IF statement to flag with a "Yes" any employees who have been employed 10 years or more.
5. Using the function VLookup, use the Region Key located at F417:G420 to fill in the cells in Column N to identify the region in which the employee is located based on the state listed in Column M. (If this function is new to you – hang in there – this one is worth it!
Step 4: Use Functions to Summarize the Data
You are now ready to move into Section 2 to prepare the data for future analysis, to include some simple statistical analyses and charts and graphs to present the data. To start, begin by presenting categories of data in summary tables and counting them, totaling them, and calculating percentages. This basic analysis helps you begin to describe patterns in the data and starts to form the story of the workforce.
Complete each table in Section 2. Use the Countif Function to count each item in each table. Use the Sum Function to total the tables when required. Calculate percentages for each table as required. Format cells appropriately. Remember to make smart use of reference cells in formulas (avoid typing in numbers or text into formulas – point to other cells) and use mixed and fixed cell references to make copying formulas easier/faster. Your supervisor will look for this!
Descriptive or Summary Statistics Introduction
In this section, you will expand your analysis by employing descriptive statistics or summary statistics to further describe characteristics of the workforce. Your summary table described "how many" and also offered proportions in relation to the entire workforce, but through this analysis, you can describe much more. For each of the following: salary, hourly rate, years of service, education, and age, calculate the:
mean, median, mode – average, middle, and most frequent data points in a set.
standard deviation – how spread out individual data points are from the mean; if data points vary greatly, the result is a higher standard deviation and vice versa. It is referred to as a "measure of dispersion" calculated as the square root of the variance. (Note: standard deviations – when calculating manually in Excel, you might see a slight difference between the result you get manually and the result you get using the Analysis Toolpak, depending on whether your version of Excel requires you to use the function DSTDEV or STDEV.S).
variance – the average squared distance between the mean and each data value. It is also a measure of dispersion, which is used to calculate the standard deviation. It is always nonnegative because the calculated squares are positive or zero. A small variance means that the data points are very close to the mean and to each other; thus, a high variance tells us that the data points are very spread out from the mean and from each other.
range – the difference between the highest (MAX) and lowest (MIN) values in a data set.
skewness and kurtosis – numerical measures to describe the shape of a data set and how close it is to a normal distribution. Skewness describes how symmetrical the data is around the mean. Kurtosis describes height and sharpness of the central peak (its peakedness or flatness) in comparison to a normal curve.
Step 6: Use the Analysis Toolpak
With your data set built, you will now use the Analysis Toolpak to do those same functions. This is a handy feature to know. Remember that there may be some minor differences in the answers depending on the version.
You should now have Tab 2 complete: Excel Summary Stats. Next, you’ll create charts and a histogram for Tabs 3 and 4.
Step 7: Create Charts and a Histogram
Where would we be without the ability to view data in charts? It is sometimes easier to grasp context of data if we can see it captured in an image. In this step, you will work with data to create charts, adding a tab for charts, and another for a histogram.
In this step, you will build Tab 3: Graphs—Charts and Tab 4: Histogram. After you complete these tabs, you’ll be ready to sort the data.
Step 8: Copy and Sort the Data
You’ve accomplished a lot with your data set, summary stats, charts, and histograms. Another skill you’ll need to be able to do is sort data in an Excel worksheet for reporting purposes. You’ll copy and sort the data.. This is a good skill that applies to any Excel application.
In this step, you will create Tab 5: Sorted Data. When you’re finished, you’ll be ready to conduct your quantitative analysis.
Step 9: Conduct Quantitative Analysis
In this step, your hard work bears fruit. What does it all mean? Think back to your boss's reasons for tasking you with this project. Bring your powers of analysis to bear to determine what the data may be telling you. Apply your quantitative reasoning skills by answering the questions provided in the resource and writing a short essay.
After you answer the questions, your short essay should include:
· a one-paragraph narrative summary of your findings, describing patterns of interest
· an explanation of the potential relevance of such patterns
· a description of how you would investigate further to determine if your results could be perceived as good or bad for the company.
Prepare your response in this workbook. Create a tab for Quantitative Analysis, create a text box, and paste your answers to above questions and your essay in it. Move the tab to the first tab position.
Good job! In the next step, you’ll submit your workbook and analysis.
