G163 Essential Statistics and Analytics Project Homework- Rasmussen College
Introduction:
As a professional in the real world, you will need to research and understand various aspects of Business applications. Basic statistical analysis can be used to gain an understanding of current problems. This course project will assist you in applying basic statistical principles to a fictional scenario in order to impact the clients being served.
Your Course Project will be completed in phases throughout the course. As you gain additional knowledge through the didactic portion of this course, you will be able to apply your new skills to this project. You will receive formative feedback from your instructor on each submission. The final project will be due in Module 05.
Scenario: Salary Distributions
A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $40,000 to $120,000 per year. As a Business Analyst your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:
o A listing of the jobs by title
o The salary (in dollars) for each job
The client needs the preliminary findings right away. Time to get to work!!!!
Background information on the Data:
The data set consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $40,000 to $120,000 for the state of Minnesota.
Remember, this project will be completed over the duration of the course. The requirements for each homework are as follows:
Task
I. Introduce your homework with a discussion of probability distributions.
i. What is a probability distribution?
ii. What are the requirements for a probability distribution?
iii. How are probability distributions helpful for the analysis of your chosen scenario?
II. Using the discrete/quantitative variable that you analyzed in Part 1, construct a probability distribution for the data. Interpret your results in context of your chosen scenario.
III. Calculate the parameters of your probability distribution. Interpret your results in context of your chosen scenario.
i. Mean
ii. Variance
iii. Standard Deviation
IV. Use the Range Rule of Thumb to identify any unusual results. Interpret your results in context of your chosen scenario.
V. Conclusion
i. Recap your ideas by summarizing the information presented.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.