Frequency Distribution, Probabilities, and Expected Value

Risk: Frequency Distribution, Probabilities, and Expected Value

Essay needs to have introduction, conclusion reference page and also a accurate excel spread with the right information that is on the instructions sheet.

Histograms (frequency distribution diagram). Consider a repetitive process, for example, driving home from work. You (and your spouse) have noticed that it takes longer to get home sometimes than others. So you want to do an experiment and find out just how long it does take. You record your time to drive home for 6 weeks and get 30 data points. (5 days, 6 weeks). Then you decide to analyze this statistically and see just how frequent the short trips and long trips and medium trips take. The best way to do this is with a frequency diagram. Here is an example of what one looks like:

Histogram.

Watch this video that shows you how to do it: http://permalink.fliqz.com/aspx/permalink.aspx?at=78a0de0af76e4475a9a008b08fb6f766&a=5fae3cf0f1624f39b0341263a6541ea0

 

View an example of a histogram. Download this Excel file with two examples and a Sample

assignment

Scenario: Your boss has asked you to analyze the ages of your customers to get a better idea of what might motivate their buying habits. Outside research has shown that different age groups buy products for different reasons. And that different age groups buy different kinds of products. Your boss developed a survey that was sent to 200 of your customers and simply asked their age and income level. 124 customers responded and received a gift card for $25 towards their next purchase. See the Data section below for the raw data.

 

Case Assignment

 

Using Excel, create a frequency distribution (histogram) of the age data that was captured from the survey. You should consider the width of the age categories (e.g., 5 years, 10 years, or ??). Once you have created this histogram, determine the mean, median and mode.

 

Then write a report to your boss that briefly describes the results that you obtained. Make a recommendation on how this data might be used for marketing purposes.

 

Data: Download the Word file Case 2 Data.docx or the Excel-based data file Case 2 Data.xls with the data of ages of the 124 customers. Use this data in Excel to create your histogram.

 

Assignment Expectations

 

Analysis

• Accurate and complete analysis in Excel using the Histogram function.

 

Written Report

• Length requirements = 4–5 pages minimum (not including Cover and Reference pages)
• Provide a brief introduction/ background of the problem.
• Complete and accurate Excel analysis.
• Written analysis that supports Excel analysis, and provides thorough discussion of assumptions, rationale, and logic used.
• Complete, meaningful, and accurate recommendation(s).