MGMT
650 Week 2 Homework

1. Basic
Excel Operation:

Create
class. PDF File attached. The spreadsheet should include
to design it so that it can be used to calculate your interim grade
before you have all the grades.

Use
a new sheet called “Grade Calculator” in the same Excel
file that you are submitting for this assignment.

After
this week you will receive the solution from your professor and you
will be able to use your solution or our solution for future classes.

2. Basic
Descriptive statistics

A
quality characteristic of interest for a rice-bag-filling process is
the weight of the rice in the individual bags. If the bags are
under filled, the company may be in violation of the
truth-in-labeling laws. In this example, the label weight on the
package indicates that, on average, there are 15 pounds of rice in a
bag. If the average amount of rice in a bag exceeds the label
weight, the company is giving away product. Getting an exact
amount of rice in a bag is problematic because of variation in the
temperature and humidity inside the factory, differences in the size
of the rice, and the extremely fast filling operation of the machine
(approximately 150 bags a minute). The following table provides
the weight in pounds of a sample of 50 bags produced in one hour by a
single machine:

15

15.3

15.2

14.9

15.5

15.4

15.4

15.5

15.3

15.2

15.2

15.2

15

15.3

14.8

15.2

14.8

15.3

15.4

14.9

15

15.4

15.5

14.7

15.3

14.7

15.5

15

15.3

15

15.3

15.1

15.2

15.4

14.9

15.5

15

15.2

15.3

14.8

14.9

15.4

15.5

15

15

15.5

15.5

15.4

15

15.5

a. Compute
the arithmetic mean and median.

b. Compute
the first quartile and third quartile.

c. Compute
the range, interquartile range, variance, standard deviation, and
coefficient of variation.

Parts
d and e are your chance to show your understanding. You are a
consultant brought in by the company and given the sample. What
this week?

d. Interpret
the measures of central tendency within the context of this
problem. Why should the company producing the rice bags be

e. Interpret
the measures of variation within the context of this problem. Why
should the company producing the rice bags be concerned about
variation?

3. Built
In Excel Functions

Review
Excel help files (and other sources if you wish) and explain in your
own words:

a. The
difference between the functions QUARTILE.INC() and
QUARTILE.EXC(). Which of the two will you get if you use
QUARTILE()?

b. The
difference between STDEV.P() and STDEV.S() and the difference between
VAR.P() and VAR.S().

c. What
is the Excel function COVARIANCE (This has two forms: COVARIANCE.P()
and COVARIANCE.S())?

d. How
will you calculate Coefficient of Variation of one sample using
Excel?

4. Frequency
Distribution

Here
is a hypothetical list of the prices of the property sold (in
thousands) in Columbia, MD February 1-5, 2018. Use Excel’s
capability (=FREQUENCY()) to create a frequency distribution using 5
bins.

247

1190

210

211

415

567

195

187

588

698

280

1100

354

326

170

572

892

195

325

986

349

182

829

405

987

997

532

155

1328

559

520

195

1020

572

775

896

208

330

95

590

1345

268

247

879

175

180

265

1435

1490

290

Hint:
To score the full points for this question, set it up so that Excel
calculate the bins for you. This way if you change the data the
bins are changed automatically.

5. Histogram,
bar chart, and pie chart

Use
the house price data and the bins data from problem 4 to create:

a. A
histogram using the data analysis tool.

b. A
bar chart

c. A

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