# 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.

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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.

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

assignment

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).

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