QMB6357 Unit 2 HW

Topics: Arithmetic mean, Standard deviation, Median Pages: 5 (797 words) Published: October 29, 2014
Employment StatusNumber of AffiliationsSatisfaction AdvisementSpending on Textbooks un02550
pt02400
pt05450
pt05360
pt11500
pt25650
un04500
pt01500
pt04350
pt06300
pt14200
un05550
pt35425
pt04600
pt03600
pt05400
un14250
pt24350
un02400
un04400
pt25500
pt03600
pt03400
pt13500
pt361000
pt24300
pt02450
pt05550
un15600
pt04400
pt03700
ft05500
pt16350
pt11450
un07600
pt05400
pt03450
pt03800
un03400
un14375
pt03400
pt05500
pt14350
pt05525
un24400
pt13450
pt03500
pt04400
pt13450
pt02500

Fifty undergraduate students answered a survey. The results are shown here.

Q-2a: What is the average expected salary of these undergraduates upon graduation? (Round to two decimals)

Q-2b: What is the median amount spent on textbooks? (Round to two decimals)
Q-2c: What is the mode with respect to the number of affiliations to clubs and other organizations of these undergraduates?
Q-2d: What is the standard deviation of these students' GPAs? (Round to two decimals)
Q-2e: Using coefficients of variation, tell me which has more variation, the age of the students in this sample or the amounts that they spent on textbooks.

ANSWERS

Q-2a) The average expected salary, or the mean salary, of undergraduates upon graduation can be found by using the function =AVERAGE(range of salaries)

47.3

The formula is the equivalent of adding all of the salaries and dividing it by the total number of students surveyed.

The average expected salary of undergraduates upon graduation is 47.3, or, if salary is expressed in thousands, then the average expected salary of undergraduates is $47,300.

Q-2b) The median amount spent on textbooks, or, the middle number when all amounts are listed in numerical order, can be found by using the function =MEDIAN(range of numbers)

450

The median amount students spent on textbooks is $450. That is, if all of the amounts were listed in numerical order, the number in the middle would be $450. Or, if there are an even number of data, such as in this example, then the median number is the average of the middle 2 numbers.

Q-2c) The mode, or the number that appears the most amount of times in the given data, can be found with the function =MODE(range of numbers).

0

The mode with respect to the number of affliciations to club and other organizations is 0; that is that most students have NO affliations to clubs and other organizations.

Q-2d) The standard deviation of the students' GPAs measures how spread out the numbers are from the mean, or average, of the data. To find the standard deviation, we can use the formula =STDEV(range of numbers)

0.399650664

The standard deviation of the students' GPA (rounded to two decimals) is .40. This tells us that the data varies from the mean .40 GPA points.

Q-2e) The coefficients of variation is a way to compare the relative variability of 2 data sets. It essentially is a ratio of the standard deviation to the mean. The first step in comparing the variation between the age of students and the amounts they spend on books, we must first find the standard deviation of each. This can be done using the formula =STDEV(range of numbers)

3.343955863Standard Deviation for Age of Students
135.9809786Standard Deviation for Amount Spent on Textbooks

Next we must find the average, or mean, of each of the data sets by using the formula =AVERAGE(range of numbers)

20.96Average Age of Students
470.7Average Amount Spent on Textbooks

Then, to find their coefficient of variation, we must divide their standard deviations by their averages, or

3.35/20.96 = 0.16 Coefficient of Variation for Age of Students 135.98/470.7 = 0.29 Coefficient of Variation for Amount Spent on Textbooks

The larger the coefficient of...
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