MGMT 650 Week 2 Homework

- 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.

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- 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:

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?

- 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?

- Frequency

Distribution

Here is a hypothetical list of the prices of the property

sold (in thousands) in Columbia, MD February 1-5, 2018. Use Excelâs capability (=FREQUENCY()) to

create a frequency distribution using 5 bins.

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?

- 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?

- Frequency

Distribution

Here is a hypothetical list of the prices of the property

sold (in thousands) in Columbia, MD February 1-5, 2018. Use Excelâs capability (=FREQUENCY()) to

create a frequency distribution using 5 bins.

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