HMU Standard Deviation And Probability Questions

HMU Standard Deviation And Probability Questions

Description

? Beginning of Analysis

ABC Enterprises is a growing company in which employees must frequently travel for business presentations in the metro area of the city where the company is located. Currently, each employee is allotted 35 dollars each day (total) to cover meals when they are giving these presentations. Employees have complained that this is not enough, especially when they give more than one presentation in a day. A survey was taken to get recommendations for a new allotment. Although not all responded, 58% of the employees did respond.

This week, you are going to use several key numbers to interpret the data. Open the EXCEL Spreadsheet:

December 2022 A.xlsx

Calculate the following in EXCEL using the formulas (check out the hints I give).

Mean, median, mode, range, standard deviation of the SAMPLE,

Then, answer these questions.

The mean, median, and mode are called measures of central tendency. They are all “averages” of some type. Are they in alignment with each other, or not? Explain.

What is standard deviation? Does the standard deviation show that the data is clumped all together or spread apart?

Let’s say that the data is normally distributed. The assigned chapters of the week mention the Empirical Rule. What dollar amount range is one standard deviation from the mean? What percentage of values are within one standard deviation from the mean?

Using that same Empirical rule and let’s say the data is normally distributed, in what monetary range do 95.44% of all the responses fall?

HMU Standard Deviation And Probability Questions

If mean, median, and mode are all giving information on the “average,” yet all the numbers are different, how should a company figure out which one is the BEST measure of central tendency to use?? must be total of 75 words

? Above is a scenario about the requested dollar amount for meals includes a spreadsheet full of numbers. When you are asked to calculate the mean of those numbers, are you calculating a population mean or a sample mean. How do you know? What does the scenario tell you?

2. Given these numbers 13, 22, 255, 1, 7, 13, 6, 13, 13, 5, 5, 25, 12, 6 In Excel (include your spreadsheet in your submission): Calculate the mean: Calculate the median: Calculate the mode: a) Why was the mean higher than the median or mode? b) Why wouldn’t the mean always be the best number to represent the central tendency of a group of numbers? Use this example to illustrate your point.

3. Calculate the range, variance, and standard deviation in EXCEL for the SAMPLE below. Then, calculate the range, variance and standard deviation in EXCEL as if the group of numbers was a POPULATION. Upload your spreadsheet to your submission with the calculations from

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