MGMT650 Week 2 Homework

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:

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.

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.