G163 Essential Statistics and Analytics – Course Project Option 1

Introduction:

As a professional in the real world, you will need to research and understand various aspects of Business applications. Basic statistical analysis can be used to gain an understanding of current problems. This course project will assist you in applying basic statistical principles to a fictional scenario in order to impact the clients being served.

YourCourse Project will be completed in phases throughout the course. As you gain additional knowledge through the didactic portion of this course, you will be able to apply your new skills to this project. You will receive formative feedback from your instructor on each submission. The final project will be due in Module 05.

Scenario: Salary Distributions

A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $40,000 to $120,000 per year. As a Business Analyst your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:

  • A listing of the jobs by title
  • The salary (in dollars) for each job

The client needs the preliminary findings right away. Time to get to work!!!!

Background information on the Data:

The data set consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $40,000 to $120,000 for the state of Minnesota.

Remember, this project will be completed over the duration of the course. The requirements for each assignment are as follows:

Instructions for Each Assignment in the Course Project

Part 1 -- Submit during Module 02:

Your analysis of this data set should include the following:

  1. Introduce your scenario and data set.
  2. Provide a brief overview of the scenario you are given above and the data set that you will be analyzing.
  3. Classify the variables in your data set.

1)Which variables are quantitative/qualitative?

2)Which variables are discrete/continuous?

3)Describe the level of measurement for each variable included in your data set.

  1. Summarize and graph your data.
  2. Choosing one of the quantitative variables from your data set, construct a frequency distribution that has a minimum of 5 classes (please do not include more than 10 classes). The frequency distribution should contain the following columns:

1)Lower and Upper Class Limits

2)Frequencies

3)Class Boundaries

4)Midpoints

5)Relative Frequencies

6)Cumulative Frequencies

  1. Interpret the results of your frequency distribution in context of your chosen scenario.
  2. Using the same variable from your frequency distribution, construct a histogram.

1)Summarize the results of your histogram.

a)Discuss the construction of your histogram.

  • What values were used on the horizontal and vertical axes?
  • What does the height of the bars represent?
  • What is the shape of the distribution?

b)Interpret the results of your histogram in context of your chosen scenario.

  1. Conclusion
  2. Recap your ideas by summarizing the information presented.

This assignment should be formatted using APA guidelines and be a minimum of 2 pages in length.

Part 2 -- Submit during Module 03:

  1. Discuss the importance of the Measures of Center and the Measures of Variation.
  2. What are the measures of center and why are they important?
  3. What are the measures of variation and why are they important?
  1. Using the variable that you analyzed in Part 1, calculate the measures of center and measures of variation. Interpret your results in context of your chosen scenario.
  2. Mean
  3. Median
  4. Mode
  5. Midrange
  6. Range
  7. Variance
  8. Standard Deviation
  1. Perform an exploratory data analysis on your variable by calculating the 5-number summary. Interpret your results in context of your chosen scenario.
  1. Conclusion
  2. Recap your ideas by summarizing the information presented.

This assignment should be formatted using APA guidelines and be a minimum of 2 pages in length.

Part 3 -- Submit during Module 04:

  1. Introduce your assignment with a discussion of probability distributions.
  2. What is a probability distribution?
  3. What are the requirements for a probability distribution?
  4. How are probability distributions helpful for the analysis of your chosen scenario?
  1. Using the discrete/quantitative variable that you analyzed in Part 1, construct a probability distribution for the data. Interpret your results in context of your chosen scenario.
  1. Calculate the parameters of your probability distribution. Interpret your results in context of your chosen scenario.
  2. Mean
  3. Variance
  4. Standard Deviation
  1. Use the Range Rule of Thumb to identify any unusual results. Interpret your results in context of your chosen scenario.
  1. Conclusion
  2. Recap your ideas by summarizing the information presented.

This assignment should be formatted using APA guidelines and be a minimum of 2 pages in length.

Part 4 -- Submit during Module 05:

  1. Using all of your Course Project Assignments (from Parts 1, 2, and 3), create a Microsoft PowerPoint Presentation that summarizes your analysis. Your PowerPoint should include the following:
  • Slide 1: Title Page
  • Slide 2: Description of your chosen scenario and data set and introduce the variable(s) used for your analysis
  • Slide 3: Frequency Distribution and Histogram for the discrete variable that you analyzed.
  • Interpret your distribution and histogram in context of your chosen scenario.
  • Slide 4: Measures of Central Tendency
  • Interpret your results in context of your chosen scenario.
  • Slide 5: Measures of Variation
  • Interpret your results in context of your chosen scenario.
  • Slide 6: Probability distribution for your variable(s)
  • Interpret your results in context of your chosen scenario.
  • Slide 7: Include the Mean, Variance and Standard deviation of your probability distribution
  • Interpret your results in context of your chosen scenario.
  • Discuss any unusual values identified from your analysis.
  • Slide 8: Conclusion
  • Recap your ideas by summarizing the information presented.
  • Slide 9: References in APA format
  • Give credit to any sources used for your analysis

This assignment should be formatted using APA guidelines and a minimum of 9 slides in length.