Problem set 1 solutions Week 2 HW MGMT 650 Fall 2021 Week 2 Homework Questions (Last updated 6/26/2021) Q1 - Grade Calculator Create a spreadsheet that automatically calculates your grade in this...

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Answer To: Problem set 1 solutions Week 2 HW MGMT 650 Fall 2021 Week 2 Homework Questions (Last updated...

Franciosalgeo answered on Sep 01 2021
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Problem set 1 solutions
Week 2 HW
MGMT 650 Fall 2021
Week 2 Homework Questions
(Last updated 6/26/2021)
Q1 - Grade Calculator
    Create a spreadsheet that automatically calculates your grade in this class as you enter the grades that you receive.
    It should include: 1) the weights of each graded assignment, 2) your grade in each assignment,
     and 3) your final grade. Be sure to label everything: such as the places where the information,
     is stored; the names of each assignment; and where to add the actual grades that you receive.
    Make this sheet user friendly; especially for users that see the sheet for the first time.
    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. 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.
    To test your calculator, make up grades for all assignments. This will allow you to test it and make sure that you get the correct final grade.
    1) “give yourself” 85 on all assignments, make sure the final is 85. Now change all grades to 90 and verify that your final grade is 90.
    2) Next change one of the quizzes from 90 to 80, and make sure the final grade is lower.
    3) Then change the 80 back to 90 and change the mid term grade to 80. Make sure that the result is different.
        MGMT 650 Grade Calculator                                                
        Name of Assignment
Franciosalgeo George: Enter the name of assignment in this column
    Maximum Marks
Franciosalgeo George: Enter maximum possible marks in this column. However this column is not required for average calculation
    Marks Achieved
Franciosalgeo George: Enter marks obtained in this column
    Maximum weights
Franciosalgeo George: Franciosalgeo George:
    Weight Achieved    Final Grade
        Discussion 1    3    90    3    3    90
        Homework2    100    90    7.5    3
        Quiz3    100    90    5    1
        Discussion 4    3    90    3    3
         Quiz4    100    90    5    2
        Quiz5     100    90    5    3
        MidTerm Exam    100    90    10    9
        Discussion 7    3    90    3    3
        Quiz7    100    90    5    1
        Quiz 8    100    90    5    1
        Discussion 9    3    90    3    1
        ARTICLE REVIEW    10    90    10    8
        Quiz10     100    90    5    3
        Discussion 11    3    90    3    1
        Homework11    100    90    7.5    7
        FINAL EXAM    100    90    20    15
Q2 - Descriptive Stat
        You are a statistician contracted to sample and analyze weights of the 5 lb bags of coffee. You collect the following data:                                            5.841
                                                    4.331
        5.84    5.00    4.48    5.14    5.78    3.98    6.16    6.02    5.52    4.56        5.825
        4.33    5.63    5.27    4.25    5.43    5.78    4.57    5.03    4.60    5.00        5.051
        5.82    4.23    5.86    5.22    4.89    5.33    5.53    4.72    5.07    5.60        4.791
        5.05    5.35    4.28    5.64    5.13    5.56    5.52    5.07    4.30    5.78        5.025
        4.79    4.89    4.52    4.53    4.52    5.31    5.27    5.22    5.14    5.20        4.322
        5.03    5.39    5.18    5.19    4.45    5.53    4.96    5.44    5.59    4.60        6.095
        4.32    4.45    4.91    5.55    5.22    5.65    4.76    5.31    4.39    5.50        5.003
        6.09    4.52    4.63    5.22    4.51    4.79    5.50    4.98    4.79    4.51        5.629
                                                    4.234
        For all questions, write your answers in the yellow cells.                                            5.346
                                                    4.890
        Compute the following statistics using Excel functions so that Excel calculates for you:                                            5.388
    1)        Mean    5.084                                    4.445
            Median    5.134                                    4.517
                                                    4.479
    2)        First quartile using QUARTILE.EXC    4.602                                    5.271
            Third quartile using QUARTILE.EXC    5.514                                    5.857
            Interquartile range (IQR)    0.912                                    4.284
                                                    4.524
    3)        Maximum    6.157                                    5.183
            Minimum    3.981                                    4.914
            Range    2.175                                    4.635
                                                    5.137
    4)        Variance    0.259                                    4.249
            Standard deviation    0.509                                    5.222
            Coeficient of Variation (CV)    10.0%                                    5.641
                                                    4.528
    5)    For the standard deviation, when do you use STDEV.S and when do you use STDEV.P?                                            5.194
        When your data represents the full population, the STDEV.P function is utilised. When your data is a sample of the full population, the STDEV.S function is employed. STDEV.S calculates the sample standard deviation, which is an unbiased estimate of the population standard deviation calculated by STDEV.P
The squared deviation is divided by the total number of arguments in the STDEV.P function. The squared deviation is divided by the total number of samples -1 in STDEV.S.                                             5.554
                                                    5.220
                                                    5.784
                                                    5.426
    6)    Explain why the standard deviation is a better measure to use than the variance.                                            4.893
        The variance is calculated as the average of the squared deviations from the mean. For the variance, the differences between each point and the mean are first calculated; the results are then square and averaged. Due to this squaring the unit of measurement of variance is  no longer the same as the original data. The standard deviation is the square root of variance and it will have the same unit of measurement as the data and hence much easier to interpret.                                            5.132
                                                    4.520
                                                    4.451
                                                    5.225
                                                    4.505
    7)    The coefficient of variation (CV) is a measure of relative variability equal to the ratio between the standard deviation divided by the mean, and formatted to %. It is regularly used to compare risk (volatility) in investing, and is especially useful in to compare data on different scales or with different units of measure. Consider weights of 10 oz, 13.4 oz, 15.1 oz with SD of 2.597 oz. The corresponding weights in pounds 0.625 lb, 0.838 lb, 0.944 lb have SD 0.162 lb. The SDs are not equal, yet the sample and its variability are the same. How can we compare variabilities? The CV, unlike other measures of variability, does not depend on the units of measure. The units are divided out in dividing the standard deviation by the mean. For a "rule of thumb", a CV of greater than 5% is considered significant. So, the CV is also used to assess data with no prior history to compare to evaluate any trends.                                            3.981
                                                    5.784
                                                    5.331
                                                    5.564
                                                    5.308
                                                    5.530
                                                    5.654
                                                    4.786
                                                    6.157
        When is the Coefficient of Variation (CV) especially useful?                                            4.570
        When comparing two sets of numbers with different units of measurement, the coefficient of variation comes in handy. Even if the means are dramatically different, it is a helpful statistic for comparing the degree of variance from one data series to another.                                            5.530
                                                    5.524
                                                    5.267
                                                    4.960
                                                    4.761
    8)    Copy all of the data into cells M1:M80 in order to use Data Analysis Descriptive Statistics.                                            5.499
                                                    6.024
        What happens if you don't and instead use B3:K10 for the Input Range?                                            5.033
        If I use B3:K10 it will give the summary statistics of B3:B10, E3:E10, …,K3:K10 separately. That is 10 sets of summary statistics.                                            4.724
                                                    5.065
                                                    5.224
                                                    5.440
                                                    5.307
        Use the Data Analysis, Descriptive Statistics. Click the Summary Statistics box and put the output at B65.                                            4.977
        Column1                                            5.519
                                                    4.602
        Mean    5.0838658858                                        5.065
        Standard...
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