Project 1 BAUD 3355 Spring 2017 Due 2/14/20167 Project 1 is due at the beginning of class. Use the \"Project 1 data\" data set. You may use Excel to help you with the statistical analysis. The data set records the amount of money spent by 50 consecutive shoppers at a grocery store. Create a report describing the data and answering the required questions. The report will be structured as follows: Section 1 Data. Provide the following information: Mean Median Standard Deviation Largest value Smallest value First Quartile Third Quartile Interquartile range Number of classes for frequency distribution Class width for frequency distribution Frequency Distribution table Histogram of the frequency distribution Section 2 Report. A written report as follows: First paragraph: written summary of the data which should include key characteristics including observations about the shape of the data. Second paragraph: Suppose 91% of the prices paid by customers covers the cost of goods sold and that the store needs an additional $15,000 per day to cover operational expenses. How many customers does the store need per day to cover these costs? Relate the answer to the question as well has describe how you came to the answer you reached. Generally the report will be graded for clarity (how easy it is to understand you), completeness (no significant gaps in the information provided) and correctness (the values and descriptions are correct). The report will also be graded on adherence to the report standard. Spending $33.80 $12.95 $16.55 $11.63 $63.85 $52.36 $43.97 $31.99 $13.72 $23.85 $6.90 $11.34 $45.58 $15.33 $6.61 $36.22 $18.71 $14.35 $34.76 $14.55 $19.54 $26.04 $18.30 $33.26 $9.45 $15.01 $61.57 $64.30 $14.52 $21.13 $28.76 $10.26 $39.28 $30.54 $69.49 $19.55 $37.52 $27.07 $40.80 $32.82 $17.15 $18.22 $20.91 $8.04 $13.67 $12.66 $20.58 $29.15 $20.89 $2.32 Column1 Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count Largest(1) Smallest(1) 25.8364 2.2844277944 20.735 #N/A 16.153343845 260.93051739 0.7092456587 1.1029288276 67.17 2.32 69.49 1291.82 50 69.49 2.32 Spending $33.80 $12.95 $16.55 $11.63 $63.85 $52.36 $43.97 $31.99 $13.72 $23.85 $6.90 $11.34 $45.58 $15.33 $6.61 $36.22 $18.71 $14.35 $34.76 $14.55 $19.54 $26.04 $18.30 $33.26 $9.45 $15.01 $61.57 $64.30 $14.52 $21.13 $28.76 $10.26 $39.28 $30.54 $69.49 $19.55 $37.52 $27.07 $40.80 $32.82 $17.15 $18.22 $20.91 $8.04 $13.67 Mean Median Standard Deviation Largest Value Smallest value First Quartile Third Quartile Interquartile range total spent range frequency Number of classes class width $25.84 $20.74 16.15334 $69.49 $2.32 14.3925 33.665 19.2725 $1,291.82 $67.17 50 5 $13.43 use 15 no of class classes 1 0-14 2 15-29 3 30-44 4 45-59 5 60-74 25 20 15 Frequency 10 5 0 0-1 $12.66 $20.58 $29.15 $20.89 $2.32 Bin 14 29 44 59 74 Frequency 12 20 12 2 4 50 Bin 0-14 15-29 30-44 45-59 More Frequency 12 20 12 2 4 Histogram 25 20 15 Frequency Frequency 10 5 0 0-14 15-29 30-44 Bin 45-59 More Project 1 Report Mean Median Standard Deviation Largest Value Smallest value First Quartile Third Quartile Interquartile range total spent $25.84 $20.74 16.15334 $69.49 $2.32 14.3925 33.665 19.2725 $1,291.82 Creating the frequency distribution table. Step 1: Determine the range of the data Range=max-min =69.49-2.32=67.17 Step 2: choose number of classes Classes=5 Step 3: determine the class width. Class width=(range)/number of classes =67.17/5=13.43 Round off to appropriate interval, 15 range frequency Number of classes class width Frequen Bin 0-14 15-29 30-44 cy 12 20 12 $67.17 50 5 $13.43 45-59 More 2 4 Histogram 25 20 15 Frequency Frequency 10 5 0 0-14 15-29 30-44 45-59 More Bin Part 2 From the data analysis, the average amount spent by the 50 shoppers is $25.84, the amount that is between the highest and the lowest is $20.74. the highest amount spent by shoppers was $69.49 while the least amount spent was $2.32 and the difference between the highest amount spent and the lowest amount spent was $67.17. 25% of the amount spent by shoppers is less than or equal to $14.39, 50% of the amount spent is less than or equal to $20.74 while 75% of amount spent is less than or equal to $33.67. The middle data is dispersed by $19.27 and the whole data is spread/vary from the bean by $16.15. The histogram shows that a lot of money spent is lower than the middle value of the data. The largest spending amount is between $15 and $29 while the least spent amount falls between $45 and $59. Solution Prices paid by customer=$1,291.82 Total amount needed by store=x 91 %x+ $ 15000=x 0.91 x =$ 15000=x x0.91 x=$ 15000 0.09 x=15000 x=15000/0.09 $ 166666.67 Customers needed to cover the total cost 50 customers spend $1,291.82 ? customers spend $166666.67 $ 166666.6750 $ 1,291.82 6450.80 6451 customers Column1 Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimum Maximum Sum Count Largest(1) Smallest(1) 25.8364 2.2844277944 20.735 #N/A 16.153343845 260.93051739 0.7092456587 1.1029288276 67.17 2.32 69.49 1291.82 50 69.49 2.32 Spending $33.80 $12.95 $16.55 $11.63 $63.85 $52.36 $43.97 $31.99 $13.72 $23.85 $6.90 $11.34 $45.58 $15.33 $6.61 $36.22 $18.71 $14.35 $34.76 $14.55 $19.54 $26.04 $18.30 $33.26 $9.45 $15.01 $61.57 $64.30 $14.52 $21.13 $28.76 $10.26 $39.28 $30.54 $69.49 $19.55 $37.52 $27.07 $40.80 $32.82 $17.15 $18.22 $20.91 $8.04 $13.67 Mean Median Standard Deviation Largest Value Smallest value First Quartile Third Quartile Interquartile range total spent range frequency Number of classes class width $25.84 $20.74 16.15334 $69.49 $2.32 14.3925 33.665 19.2725 $1,291.82 $67.17 50 5 $13.43 use 15 no of class classes 1 0-14 2 15-29 3 30-44 4 45-59 5 60-74 25 20 15 Frequency 10 5 0 0-1 $12.66 $20.58 $29.15 $20.89 $2.32 Bin 14 29 44 59 74 Frequency 12 20 12 2 4 50 Bin 0-14 15-29 30-44 45-59 More Frequency 12 20 12 2 4 Histogram 25 20 15 Frequency Frequency 10 5 0 0-14 15-29 30-44 Bin 45-59 More Project 1 Report Mean Median Standard Deviation Largest Value Smallest value First Quartile Third Quartile Interquartile range total spent $25.84 $20.74 16.15334 $69.49 $2.32 14.3925 33.665 19.2725 $1,291.82 Creating the frequency distribution table. Step 1: Determine the range of the data Range=max-min =69.49-2.32=67.17 Step 2: choose number of classes Classes=5 Step 3: determine the class width. Class width=(range)/number of classes =67.17/5=13.43 Round off to appropriate interval, 15 range frequency Number of classes class width Frequen Bin 0-14 15-29 30-44 cy 12 20 12 $67.17 50 5 $13.43 45-59 More 2 4 Histogram 25 20 15 Frequency Frequency 10 5 0 0-14 15-29 30-44 45-59 More Bin Part 2 From the data analysis, the average amount spent by the 50 shoppers is $25.84, the amount that is between the highest and the lowest is $20.74. the highest amount spent by shoppers was $69.49 while the least amount spent was $2.32 and the difference between the highest amount spent and the lowest amount spent was $67.17. 25% of the amount spent by shoppers is less than or equal to $14.39, 50% of the amount spent is less than or equal to $20.74 while 75% of amount spent is less than or equal to $33.67. The middle data is dispersed by $19.27 and the whole data is spread/vary from the bean by $16.15. The histogram shows that a lot of money spent is lower than the middle value of the data. The largest spending amount is between $15 and $29 while the least spent amount falls between $45 and $59. Solution Prices paid by customer=$1,291.82 Total amount needed by store=x 91 %x+ $ 15000=x 0.91 x =$ 15000=x x0.91 x=$ 15000 0.09 x=15000 x=15000/0.09 $ 166666.67 Customers needed to cover the total cost 50 customers spend $1,291.82 ? customers spend $166666.67 $ 166666.6750 $ 1,291.82 6450.80 6451 customers