Assessment 3 Instructions Calculate Statistical Measures Using Excel

Introduction

. . . problems create value; the more problems you can solve, the more valuable you will be, the more money you will make, the more responsibility you will have.

– Brian Klemmer, author and speaker

If you've ever played fantasy football, you know the importance of using player statistics or stats like sacks and fumbles to plan your perfect team. But statistics play an important role in mathematics as well. Statistics is the process of taking large amounts of numerical data (such as from a football player's track record), analyzing that data, and using it to solve problems (such as which player you should play and when). And it isn't just for the football fan. In almost every field, from biology or business to psychology or math, understanding statistics helps professionals solve problems and make decisions.

Learning to add strategies to your problem-solving techniques will help you multiply your success at school, work, and home. In the workplace, problem-solving strategies can help you interact with customers, peers, and clients, meet deadlines, and even reach leadership or management positions. And in your personal life, they can help you alleviate stress, overcome relationship challenges, and achieve your goals.

Overview

In this assessment, you will use data on car prices to create charts in Excel and calculate statistical measures from the data. The data is provided in Auto Data [XLSX]. It contains information on 82 used cars that are for sale, specifically, the asking price, the model year, the mileage, the color, and the trim.

Preparation

Follow these steps to prepare for this assessment:

• Download Auto Data [XLSX].
• For information on how to create a bar chart, pie chart, and scatterplot charts, you can review pages 264–267 of the textbook.
• For information on how to calculate the mean, median, standard deviation, and proportion, you can review pages 271–290 of the textbook.

Below are some resources to assist with writing your summary:

• You may wish to review Capella's Writing Process page for an overview of the writing process. Following each of these stages will help you write a strong, clear, and organized presentation.
• You may see the Writing Strategies information in the Capella Writing Center for more on outlining.

Instructions

Part 1

Use the information provided in Auto Data [XLSX] to create the following:

• A bar chart using either the color or trim variable. Make sure you include a title for the plot and label all axes correctly.
• A pie chart using either the color or trim variable. Make sure you include a title for the plot and label the sectors of the chart correctly.
• A scatterplot using the miles and asking price. Make sure you include a title for the plot and label all axes correctly.

You may refer to pages 264–267 of the text for information on how to read these types of charts.

Part 2

Use the information provided in Auto Data [XLSX] to calculate the following:

• The mean and median for the Asking Price and Miles variables.
• The (sample) standard deviation for the Asking Price and Miles variables.
• The proportion of Luxury cars and the proportion of Performance cars.

You may refer to pages to 271–290 of the text for more information on these statistical measures.

Part 3

In a Word document, write a 2–3 paragraph summary of your findings:

• What are two interesting findings when looking at the charts in Part 1?
• How would the charts help you make an informed decision if you were in the market for buying a vehicle?

Submission Instructions

• Submit the Excel document containing your work for Parts 1 and 2.
• Submit the Word document containing your work for Part 3.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

• Competency 3: Use basic probability and descriptive statistics to solve real-world quantitative problems.
  • Create bar chart correctly.
  • Create pie chart correctly.
  • Create scatterplot correctly.
  • Calculate means correctly.
  • Calculate medians correctly.
  • Calculate standard deviations correctly.
  • Calculate proportions correctly.
• Competency 4: Apply in text the standard writing conventions for the discipline, including structure, voice, person, tone, and citation formatting.
  • Apply in text the standard writing conventions for the discipline, including structure, voice, person, tone, and citation formatting.