MGMT 650 Spring 2017 Problem Set 1

(Last updated 11/28/2016)

1. Basic Excel Operation:

Use a new sheet called "Grade Calculator" in the same Excel file that you are submitting for this assignment.
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.

2. Basic Descriptive statistics

A quality characteristic of interest for a tea-bag-filling process is the weight of the tea in the individual bags.Â  If the bags are under filled, two problems arise.Â  First, customers may not be able to brew the tea to be as strong as they wish.Â  Second, the company may be in violation of the truth-in-labeling laws.Â  In this example, the label weight on the package indicates that, on average, there are 5.5 grams of tea in a bag.Â  If the average amount of tea in a bag exceeds the label weight, the company is giving away product.Â  Getting an exact amount of tea in a bag is problematic because of variation in the temperature and humidity inside the factory, differences in the density of the tea, and the extremely fast filling operation of the machine (approximately 170 bags a minute).Â  The following table provides the weight in grams of a sample of 50 bags produced in one hour by a single machine:

 5.85 5.74 5.42 5.4 5.53 5.34 5.54 5.45 5.52 5.41 5.57 5.5 5.53 5.54 5.55 5.68 5.66 5.48 5.64 5.51 5.67 5.4 5.47 5.61 5.53 5.32 5.7 5.3 5.49 5.55 5.67 5.56 5.42 5.58 5.59 5.5 5.39 5.5 5.53 5.58 5.68 5.45 5.44 5.25 5.56 5.63 5.5 5.57 5.67 5.36

Compute the arithmetic mean and median.

Compute the first quartile and third quartile.

Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.

Parts d and e are your chance to show your understanding.Â  You are a consultant brought in by the company and given the sample.Â  What are your recommendations to the company, based on your reading for this week?

Interpret the measures of central tendency within the context of this problem. Why should the company producing the tea bags be concerned about the central tendency?

Interpret the measures of variation within the context of this problem. Why should the company producing the tea bags be concerned about variation?

3. Frequency Distribution

According to Zillow.com, here is a list of the prices of the property sold (in thousands) in Washington, DC June 29 â€“ 30, 2016.Â  Use Excelâ€™s capability (()) to create a frequency distribution using 5 bins.

 316 580 192 440 1460 1333 1775 844 443 785 265 1315 721 368 763 536 406 961 1875 1213 299 105 320 918 1451 625 673 1570 449 1879 869 920 1700 2450 1460 1562 780 888 1750 495 240 1250 1420 585 1456 949 1435 1475 945 645

4. Histogram, bar chart, and pie chart

Use the house price data and the bins data from problem 3 to create:

• A histogram using the data analysis tool.
• A bar chart
• A pie chart

MGMT 650 Spring 2017 Problem Set 1
(Last updated 11/28/2016)
1. Basic Excel Operation:
Create an Excel spreadsheet that can be used to calculate
you may want to design it so that it can be used to calculate
Use a new sheet called &quot;Grade Calculator&quot; in the same Excel
file that you are submitting for this assignment.
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.
2. Basic Descriptive statistics
A quality characteristic of interest for a tea-bag-filling
process is the weight of the tea in the individual bags. If the
bags are under filled, two problems arise. First, customers
may not be able to brew the tea to be as strong as they
wish. Second, the company may be in violation of the truthin-labeling laws. In this example, the label weight on the
package indicates that, on average, there are 5.5 grams of
tea in a bag. If the average amount of tea in a bag exceeds
the label weight, the company is giving away product.
Getting an exact amount of tea in a bag is problematic
because of variation in the temperature and humidity inside the factory, differences in the density of the tea, and the
extremely fast filling operation of the machine
(approximately 170 bags a minute). The following table
provides the weight in grams of a sample of 50 bags
produced in one hour by a single machine:
5.85 5.7
4 5.42 5.57 5.5 5.53 5.67 5.4
5.5
6
5.4
5 5.47 5.67
5.68 5.42
5.44 5.4
5.5
4
5.6
1
5.5
8
5.2
5 5.5
3
5.5
5
5.5
3
5.5
9
5.5
6 5.34 5.54 5.68 5.66 5.4
5
5.4
8 5.32 5.7 5.3 5.5 5.39 5.63 5.5 5.5
5.5
7 5.5
2
5.6
4
5.4
9
5.5
3
5.6
7 5.41
5.51
5.55
5.58
5.36 a. Compute the arithmetic mean and median.
b. Compute the first quartile and third quartile.
c. Compute the range, interquartile range, variance,
standard deviation, and coefficient of variation.
You are a consultant brought in by the company and given
the sample. What are your recommendations to the
d. Interpret the measures of central tendency within the
context of this problem. Why should the company
producing the tea bags be concerned about the central
tendency?
e. Interpret the measures of variation within the context of
this problem. Why should the company producing the
tea bags be concerned about variation?
3. Frequency Distribution
According to Zillow.com, here is a list of the prices of
the property sold (in thousands) in Washington, DC
June 29 â€“ 30, 2016. Use Excelâ€™s capability (=FREQUENCY()) to create a frequency distribution
using 5 bins.
316 580 192 440 265 131
5
299 105 721 368 320 918 869 920 170
0
142
0 245
0
585 240 125
0 146
0
763 133
3
536 177
5
406 844 443 785 961 1213 145
1
146
0
145
6 625 673 156
2
949 780 157
0
888 187
5
449 495 143
5 147
5 175
0
945 4. Histogram, bar chart, and pie chart
Use the house price data and the bins data from
problem 3 to create:
a.
A histogram using the data analysis tool.
b. A bar chart
c.
A pie chart 1879 645

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This question was answered on: Sep 05, 2019

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