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.
This assignment will be completed in phases throughout the quarter. As you gain additional knowledge through the didactic portion of this course, you will be able to apply your new knowledge to this project. You will receive formative feedback from your instructor on each submission. The final project will be due on week 10 and the assignment requirements are listed below.
Scenario:
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 by the end of the day. So let's 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.
Question:
Analyze job salaries for the state of Minnesota.
Scenario
Data Set
Review each scenario and data set carefully and choose which scenario you would like to work with. Begin Phase 1 of your analysis by including the following information:
1. Introduce your scenario and data set.
o Provide a brief overview of the scenario you are given above and the data set that you will be analyzing.
o Classify the variables in your data set.
- Which variables are quantitative/qualitative-
- Which variables are discrete/continuous-
- Describe the level of measurement for each variable included in your data set.
2. Discuss the importance of the Measures of Center and the Measures of Variation.
o What are the measures of center and why are they important-
o What are the measures of variation and why are they important-
3. Calculate the measures of center and measures of variation. Interpret your results in context of the selected topic.
o Mean
o Median
o Mode
o Midrange
o Range
o Variance
o Standard Deviation
4. Conclusion
o Recap your ideas by summarizing the information presented.