MGMT 650 Excel spreadsheet.
MGMT
650 Week 2 Homework
1. Basic
Excel Operation:
Create
an Excel spreadsheet that can be used to calculate your grade in this
class. PDF File attached. The spreadsheet should include
the weights of each graded assignment, your grade in each assignment,
and your final grade. To use this for your benefit you may want
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
are your recommendations to the company, based on your reading for
this week?
d. Interpret
the measures of central tendency within the context of this
problem. Why should the company producing the rice bags be
concerned about the central tendency?
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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