For these project assignments throughout the course you will need to reference the data in the ROI Excel spreadheet. Download it here.
- According to the textbook, what are the characteristics of a binomial experiment? Explain how the following scenario fits EACH of the requirements for a binomial experiment. Scenario: We randomly select 1 college from the business major and 1 college from the engineering major. We then record whether they are of ‘School Type’ ‘Private’ or not. We reset the experiment and do it 9 more times.
- In a perfect normal distribution, if the mean is 14, what is the median? What is the mode?
- For each of the 2 majors determine if the ‘Annual % ROI’ appears to be normally distributed. Include the histograms from Week 1 (make sure you have corrected it if you needed to) and state the measures of central tendency (mean and median) to justify your results. #2 above is a big hint for how to justify whether the Annual ROI is normally distributed.
- In a highlighted box, explain how having or not having a normal distribution for each of the majors may affect your ability to compare the data of the two majors. Then, go to your textbook and find the following information to answer these questions: In a normal distribution, what percent of values falls 1 standard deviation from the mean? Two standard deviations from the mean? Three standard deviations from the mean? Let’s say that there was an annual ROI figure that fell within one standard deviation of the mean in a histogram with normally distributed data. Would you tell your person that this annual ROI was likely or unlikely to occur? Why? Remember that written portions should go on a MS Word document.
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