2-1 Data Set Homework- Descriptive Statistics Data Set 1

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QSO510

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Statistics

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Jan 9, 2024

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2-1 Data Set Homework: Descriptive Statistics Data Set 1 Southern New Hampshire University QSO-510-x2467 Quantitive Analysis

Utilizing the data analysis tool in Excel spreadsheet for Data Set 1 was set. The sample of annual salaries for recently hired plant operators at a chemical manufacturing company was calculated using the Excel’s ToolPak. The statistical output from Excel contains the values for the mean, median, mode, sample variance, and sample standard deviation. After reviewing the list of annual salary that has been provided, the lowest salary listed is at $67,956 and the highest salary is at $81,655. The difference in both salaries is $13,699. However, the sample data does not explain or could be determined why there is such a range in between the salaries. Out of all salaries provided, the mean salary was at $75,195.92 and the median salary was $74,840. Mode was calculated, but the calculations were at n/a since all the salaries were different and none were repeating. Skewness was part of calculations and it resulted in the negatives. The skewness was at -0.092260443 and that is the indication of a negative distribution. Next is standard deviation, which is at 4,686.46 (rounded up). Standard deviation (SD) represents the dispersion of the sample data points from the mean. If the standard deviation is high, this means the values are far apart. If standard deviation is small, the values are close to one another. This gives us a better understanding of the data’s variability (Bhandari, 2022). Lastly there is sample variance, which was at 21,962,862.27. The sample variance measures of dispersion and differences of data points (Cuemath).

References Bhandari, P. (2022, May 25). How to calculate standard deviation (guide): Formulas & examples . Scribbr. Retrieved November 12, 2022, from https://www.scribbr.com/statistics/standard-deviation/ Sample variance - definition, meaning, formula, examples . Cuemath. (n.d.). Retrieved November 12, 2022, from https://www.cuemath.com/sample-variance-formula/

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