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G163 Essential Statistics and Analytics – Course Project Option 1   Introduction: As a professional in the real world, you will need to research and understand various aspects of Business applications

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G163 Essential Statistics and Analytics – Course Project Option 1

 

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.  

                      

Your Course Project will be completed in phases throughout the course.  As you gain additional knowledge through the didactic portion of this course, you will be able to apply your new skills to this project.  You will receive formative feedback from your instructor on each submission.  The final project will be due in Module 05.  

 

Scenario: Salary Distributions

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 right away. Time to 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.

 

Remember, this project will be completed over the duration of the course. The requirements for each assignment are as follows:

 

Instructions for Each Assignment in the Course Project

 

1. Discuss the importance of the Measures of Center and the Measures of Variation.
   1. What are the measures of center and why are they important?
   2. What are the measures of variation and why are they important?

 

2. Using the variable that you analyzed in Part 1, calculate the measures of center and measures of variation. Interpret your results in context of your chosen scenario.
   1. Mean
   2. Median
   3. Mode
   4. Midrange 
   5. Range
   6. Variance
   7. Standard Deviation

 

3. Perform an exploratory data analysis on your variable by calculating the 5-number summary. Interpret your results in context of your chosen scenario.

 

4. Conclusion
   1. Recap your ideas by summarizing the information presented.

 

This assignment should be formatted using APA guidelines and be a minimum of 2 pages in length.