Project Week 2

For these project assignments throughout the course you will need to reference the data in the ROI Excel spreadheet. Download it here.

Using the ROI data set:

1. For each of the 2 majors calculate the mean, median, minimum, maximum, range, and standard deviation for the columns ‘Cost’ and ’30-Year ROI’.
2. Define each of the terms in #1, and explain how each can be used to provide information about a data set.
3. What is the difference between a sample and a population? When you did the calculations in #1, do these numbers apply to a sample or a population?
4. By hand or with Excel, for each of the 2 majors calculate the probability that a college picked from the column for ‘School Type’ is ‘Public’.
5. By hand or with Excel, for each of the 2 majors find the probability that a college with the ‘School Type’ ‘Private’ has a ’30-Year ROI’ between $1,500,000 and $1,800,000.
6. Fill in these tables

Place an X either under “business” or under “engineering” for each factor. Then, in the final box, determine if the factor is desirable for our scenario (ex: Do we want a higher cost?)

Factor	Business	Engineering	Is this factor desirable for our scenario? (answer y / n )
Higher mean cost
Higher median cost
Broader/wider range of costs
Higher standard deviation of cost
Higher maximum cost
Higher minimum cost

Factor	Business	Engineering	Is this factor desirable for our scenario? (answer y / n )
Higher mean 30-year ROI
Higher median 30-year ROI
Broader/wider range of 30-year ROIs
Higher standard deviation of 30-year ROI
Higher maximum 30-year ROI
Higher minimum 30-year ROI

This is your highlighted box for your project: Hint: Write your answers in full sentences so that you can drop them into your week 8 project should you choose to use this information. Your Week 8 project is a paper, so having the sentences will save you time later.

What would a greater range NOT be helpful in our scenario?

What does it mean if there is a greater standard deviation in terms of ROI? Is that a good thing? Explain.

Why would it not be accurate to say something like “The ____ major has the school with the highest 30-year ROI, therefore, it is the best major?”

Which major is looking like it has the better ROI right now? Why?

Critical question: Are your conclusions here pertaining to a sample or to a population? Why? What are the implications of what the data pertains to?

*** Remember that written portions go on a MS Word document.

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