BUS 226 Discussion 3 Group A | Colorado Community College Online
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BUS 226 Discussion 3 Group A | Colorado Community College Online
Data was collected on how
much eight (8) customers recently spent for lunch at Benny's Café. The data
points and descriptive statistics from an Excel statistical application are
shown below. (The far left column contains the data points; the far right column
reports the corresponding Z scores. The middle columns show common descriptive
statistics.)
1.
After
Joey viewed this data, he said "Wow, look how skewed this data is, what
with the mean amount spent of $7.38 being so much larger than the standard deviation
of $1.57." Clearly state why
you do or why
you don't agree
with Joey's statement.
2.
Joey
continues... "This data set is really crazy, why look at all of those data
outliers with the negative signs." Clearly state why
you do or why
you don't agree
with Joey's statement.
|
Table:
Lunch Costs |
||||
|
Lunch Costs $ (n = 8) |
Statistics |
Descriptive Statistics |
Lunch Cost $ |
Z Score |
|
$5.86 |
Mean |
$7.3825 |
$5.86 |
-0.9691 |
|
$6.45 |
Standard
Error |
$0.5555 |
$6.45 |
-0.5935 |
|
$7.54 |
Median |
$7.4600 |
$7.54 |
0.1002 |
|
$8.47 |
Mode |
$#N/A |
$8.47 |
0.6922 |
|
$9.87 |
Standard
Deviation |
$1.5711 |
$9.87 |
1.5833 |
|
$8.46 |
Sample
Variance |
$^2 2.4683 |
$8.46 |
0.6858 |
|
$5.03 |
Kurtosis |
-0.5222 |
$5.03 |
-1.4974 |
|
$7.38 |
Skewness |
-0.0282 |
$7.38 |
-0.0016 |
|
Range |
$4.84 |
|||
|
Minimum |
$5.03 |
|||
|
Maximum |
$9.87 |
|||
|
Sum |
$59.06 |
|||
|
Count |
8 |
|||
|
Coefficient of Variation = 21.28% |
||||
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