Explain which descriiptive statistic you think best summarizes this set of numbers and why
This exercise requires the use of a descriiptive statistics calculator. You can find this tool in some versions of Excel (as part of the Analysis ToolPak) or you can use one of the many free online descriiptive calculators such as the Descriiptive Statistics Calculator by Calculator Soup.
Your instructor will post an announcement with the data set for your Week 1 assignment.
First, use either Excel or the Calculator Soup descriiptive statistics calculator to calculate the descriiptive statistics for the given data set. This is explained in Chapter 1 of your course text.
You should get an output similar to the image in Figure 1.3 from your textbook. This output must contain the following values: mean, standard error, median, mode, standard deviation, sample variance, kurtosis, skewness, range, minimum, maximum, sum, and count.
Next, begin writing your paper by reporting your results for each of the values listed above.
Include the data set, the output from the analysis, and the answers to the following questions:
Evaluate the measures of central tendency. Address the following when completing this component:
Which measure of central tendency is most appropriate based on the data type?
Are the mean, median, and mode close to the same value? If not, what does this tell you about the numbers in the set?
Identify any mode(s) in the data set. Is there a mode at all? Is there more than one mode?
Calculate manually the interquartile range and the values of Q1 and Q3. (It is important to calculate this manually because the interquartile range and quartiles output from Calculator Soup might not be accurate.) Address the following when completing this component:
Test to see if there are any outliers in the set. If so, which number(s)?
Which method from Section 2.4 of the text did you first use to check for outliers?
Now try the other method from Section 2.4 of the text. Do you come to the same conclusion about outliers in the data set?
Explain which descriiptive statistic you think best summarizes this set of numbers and why.
Choose three of the descriiptive statistics that you feel best represent this data set. Why were they chosen?