Question: Competency: Examine basic descriptive statistics, and demonstrate results using calculated values and statistical charts.
Instructions: Scenario (Information repeated for deliverable 01, 03, and 04): 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, and your boss asks you to first compute some basic statistics.
Background information on the Data
The data set in the spreadsheet 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.
What to Submit
Your research and analysis should be presented on the Word document provided. All calculations and work should be provided on a separate Excel workbook that should be submitted to your boss as well.
1. Introduce your scenario and data set.
• Provide a brief overview of the scenario you are given and describe the data set.
• Describe how you will be analyzing the data set.
• Classify the variables in your data set.
i. Which variables are quantitative/qualitative?
ii. If it is a quantitative variable, is it discrete or continuous?
iii. Describe the level of measurement for each variable included in the data set (nominal, ordinal, interval, ratio).
2. Discuss the importance of the Measures of Center.
• Name and describe each measure of center.
• Discuss the advantages and/or disadvantages of each.
3. Discuss the importance of the Measures of Variation.
• Name and describe each measure of variation.
• Discuss the advantages and/or disadvantages of each.
4. Calculate the measures of center and measures of variation from the data set and list them below. Be sure to include
(a) an interpretation of each measure in context of the scenario(for example, if the median is larger than the mean, what does it mean? What does the value of standard deviation tell you?) and
(b) correct units of measurement. Show your calculations in your spreadsheet. You do not need to include Excel functions in your written answer below.
• Mean
• Median
• Mode
• Midrange
• Range
• Variance
• Standard deviation
Information related to above question is enclosed below:
Attachment:- Deliverable_Spreadsheet2.rar