MGMT 650 Fall 2017 Week 2 Homework(Last updated 7/3 /2017)1. Basic Excel Operation:Create an Excel spreadsheet that can be used to calculate your grade in this class. The spreadsheet should include the weights of each graded assignment, your grade in each assignment, and your final grade. To use this for your benefit you may want to design it so that it can be used to calculate your interim grade before you have all the grades.Use a new sheet called “Grade Calculator” in the same Excel file that you are submitting for this assignment.After this week you will receive the solution from your professor and you will be able to use your solution or our solution for future classes.2. Basic Descriptive statisticsA quality characteristic of interest for a tea-bag-filling process is the weight of the tea in the individual bags. If the bags are under filled, two problems arise. First, customers may not be able to brew the tea to be as strong as they wish. Second, the company may be in violation of the truth-in-labeling laws. In this example, the label weight on the package indicates that, on average, there are 5.5 grams of tea in a bag. If the average amount of tea in a bag exceeds the label weight, the company is giving away product. Getting an exact amount of tea in a bag is problematic because of variation in the temperature and humidity inside the factory, differences in the density of the tea, and the extremely fast filling operation of the machine (approximately 170 bags a minute). The following table provides the weight in grams of a sample of 50 bags produced in one hour by a single machine:5.855.745.425.445.535.375.545.455.525.415.575.55.535.545.555.615.665.485.645.515.675.425.495.615.535.425.565.35.495.555.675.535.425.585.595.55.385.55.535.585.695.475.435.255.565.625.55.565.615.38a. Compute the arithmetic mean and median.b. Compute the first quartile and third quartile.c. Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.Parts d and e are your chance to show your understanding. You are a consultant brought in by the company and given the sample. What are your recommendations to the company, based on your reading for this week?d. Interpret the measures of central tendency within the context of this problem. Why should the company producing the tea bags be concerned about the central tendency?e. Interpret the measures of variation within the context of this problem. Why should the company producing the tea bags be concerned about variation?3. Built In Excel FunctionsReview Excel help files (and other sources if you wish) and explain in your own words:a. The difference between the functions QUARTILE.INC() and QUARTILE.EXC(). Which of the two will you get if you use QUARTILE()?b. The difference between STDEV.P() and STDEV.S() and the difference between VAR.P() and VAR.S().c. What is the Excel function COVARIANCE (This has two forms: COVARIANCE.P() and COVARIANCE.S())?d. How will you calculate Coefficient of Variation of one sample using Excel?4. Frequency DistributionAccording to Zillow.com, here is a list of the prices of the property sold (in thousands) in Washington, DC June 29 – 30, 2016. Use Excel’s capability (=FREQUENCY()) to create a frequency distribution using 5 bins.31668029244018602333177584484378526513157653687635364661261187511132992058301618145162514732093449187986992017002450146015621380888175049524022501420785155694914351475945645Hint: To score the full points for this question, set it up so that Excel calculate the bins for you. This way if you change the data the bins are changed automatically.5. Histogram, bar chart, and pie chartUse the house price data and the bins data from problem 4 to create:a. A histogram using the data analysis tool.b. A bar chartc. A pie chart8 t8D6�,
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