1) The data set below shows annual healthcare expenditures for 192 countries. Create a histogram of the data using the bins provided in column D.
From the Data menu, select Data Analysis, then select Histogram. The Input Range is B1:B193 and the Bin Range is D1:D37. You must check the Labels in fi...
Module 1 Quiz
1) The data set below shows annual healthcare expenditures for 192
countries. Create a histogram of the data using the bins provided
in column D.
From the Data menu, select Data Analysis, then select Histogram. The Input
Range is B1:B193 and the Bin Range is D1:D37. You must check the Labels in
first row box to ensure that the histogram’s axes are appropriately labeled.
2) Suppose you actually want to calculate the mean annual healthcare
expenditures of the 192 countries. Which of the following Excel
functions calculates the mean? SELECT ALL THAT APPLY.
=MEAN(B2:B193)
=MEAN(B2:B193) is not a function in Excel.
=AVERAGE(B2:B193)
correct
=AVERAGE(B2:B193) calculates the mean of the annual healthcare
expenditures. Note that another option is also correct.
=MEDIAN(B2:B193)
=MEDIAN(B2:B193) finds the median, or middle value, of the annual
healthcare expenditures.
=SUM(B2:B193)/192
correct
=SUM(B2:B193)/192 calculates the sum of the annual healthcare expenditures
and divides that sum by 192, the number of data points. This formula calculates
the mean of the annual healthcare expenditures. Note that another option is also
correct
=MODE.SNGL(B2:B193)
.=MODE.SNGL(B2:B193) finds the mode, or most common value, of the
annual healthcare expenditures.
, 3) Calculate the standard deviation of the 2012 revenue for Forbes’ 100 top
companies.
STDEV.S (B2:B101)= approximately $67.32 billion. You can also use the
descriptive statistics tool, making sure to link directly to values in order to
obtain the correct answer.
4) Consider the four outliers in the 2012 revenue data: companies with
revenue of $237 billion, $246 billion, $447 billion, and $453 billion. If
, we removed these companies from the data set, what would happen to the
standard deviation?
The standard deviation would remain the same.
See correct answer for explanation.
The standard deviation would increase.
See correct answer for explanation.
The standard deviation would decrease.
correct
The standard deviation gives more weight to observations that are further from
the mean. Therefore, removing the outliers would decrease the standard
deviation.
The answer cannot be determined without further information.
See correct answer for explanation.
5) The following data set provides the percent of students from the top 100
ranked U.S. MBA programs that are employed upon graduation. Create a
histogram to visualize the data. Use the bins provided in column C.
From the Data menu, select Data Analysis, then select Histogram. The Input
Range is B1:B101 and the Bin Range is C1:C15. You must check the Labels in
first row box to ensure that the histogram’s axes are appropriately labeled.
6) A consultant compiled the following data set that shows the number of
visits made to the National Museum of American History from 2001 to
2015. The consultant noticed that the number of visits in 2007 and 2008
seemed unusually low compared to the rest of the data set. What should
the consultant do about the data points from 2007 and 2008?
, Delete both data points because they are outliers.
The consultant should not delete data points simply because they are outliers.
Leave both data points in because one should never delete research-based data.
The consultant cannot assume that research-based data sets are without fault.
There may be situations where data should be deleted: because of measurement
or entry error; because the data are not representative of the population of
interest; or any of many other reasons.
Research the data points and then make a decision based on the findings.
correct
The consultant should delete or change data points only if careful examination
of the data and the data sources indicates that the data points are incorrect or
irrelevant to the research at hand. The consultant must use his or her experience
and knowledge of the research question to make decisions on a case-by-case
basis. Doing business analytics effectively requires judgment. In this case, the
National Museum of American History underwent renovations which reduced
significantly the number of visits to the museum in 2007 and 2008. The data
points for 2007 and 2008 are correct and should not be changed. However, the
fact that the museum was closed during most of that two year period should be
considered when drawing conclusions from this data set.
Change the data point for 2008 to 4,800,000 and research the data point for
2007.
Although data entry errors may occur, the consultant cannot know this without
researching the data points first. In this case, the National Museum of American
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