Descriptive Statistics
Overview
Use a provided data file to create a summary table, a histogram, and a scatter plot in response to a given scenario. Write a brief report that details your findings and recommendations.
Note: The assessments in this course build upon each other, so you are strongly encouraged to complete them in sequence.
This assessment allows you to demonstrate practical application of the techniques used to generate and present descriptive statistics.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Evaluate the quality and fit of data for use in business analysis.
- Create a summary table for examining data for use in business analysis.
- Apply descriptive statistics techniques to accurately compute mean, median, mode, range, and standard deviation.
- Competency 2: Analyze business decision opportunities using descriptive statistics.
- Analyze data in a prepared histogram to use in decision making.
- Analyze data in a scatter plot to use in decision making.
- Competency 5: Apply data analysis to general business management planning and decision making.
- Compile findings into a management report with details for recommended actions.
- Competency 6: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
- Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Context
Throughout this course, you will research basic statistical concepts as well as how to perform descriptive statistics and how to interpret them. Managers make sense of data by using graphing techniques, and graph analyses are useful in making better business decisions. It is important to be able to demonstrate how managers transform data into useful information for making managerial decisions.
Questions to Consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
Suppose that you are a real estate agent in Florida, working with a retired couple from out of state. They are considering purchasing a retirement home in Boca Raton, as they wish to be near family members in Delray Beach. In order to make informed decisions about buying a house, they first need to understand the Boca real estate market.
- What home parameters (price mean, price mode, home size mean, home size mode, and so on) would be most useful (or descriptive) in giving your potential clients an understanding of the Boca market?