Project #155283 - Quantitative Analysis

Business Tutors

Subject Business
Due By (Pacific Time) 11/23/2016 12:00 am

This project will enable you to refresh and refine your skills in math and statistics before you tackle a real-world data set using Excel to analyze and display the data.

 

Quantitative reasoning uses a process similar to the qualitative research process in that you will first identify an issue or problem and then use mathematical formulas or an analytic tool to derive a solution. You will construct graphs, charts, and tables to display data and inform analysis and interpretation. You will evaluate the results of the information, draw analyses and validate them by applying them to the issue or problem.

 

This project will enable you to see the connection between data and how the use of quantitative analysis of that data informs solutions to practical problems with potential impact on your organization or industry.

 

Step 1: Refresh Your Math, Statistics and Excel Skills

 

Let’s start by thinking about what it means to engage in quantitative processes and the role these skills play in this project.

 

Next, assess your current baseline by refreshing your skills in math, statistics, and Excel. You will choose how much you already know and where you need to concentrate more attention in order to complete this quantitative analysis project.

 

After this refresher, you will create your own spreadsheet based on the template provided in the next step.

 

If you need help outside the classroom, you can register for the STAT 689 tutoring room in which you can access tutoring help and other resources to enable you to complete this project successfully. Help is free and immediate!

 

Step 2: Set Up Your Spreadsheet

 

Now that you’ve assessed and refreshed these important skills, you’re ready to begin. First download the Excel template course file and use it to set up your spreadsheet. This step has you set up your basic view in preparation for the use of several tools.

 

After you’ve formatted and set up your basic view and saved it with your name, you’re ready to move to the next step and add data.

 

Step 3: Add Data

 

With your spreadsheet set up and saved with your last name, you’re ready to add data. In Section 1 on the Data page, complete each column of the spreadsheet to arrive at the desired calculations.

 

When you’re ready, move on to the next step, where you will use functions to summarize the data.

 

Step 4: Use Functions to Summarize the Data

 

With your data built, you are now ready to start using some tools to summarize the data, using Countif and the Sum function to do the math. In this step, you'll begin to see patterns in the data and the story of the workforce.

 

With this step complete, you’re ready to begin your analysis.

 

Step 5: Analyze the Workforce

 

You’ve summarized the data, and next, you will employ descriptive or summary statistics to analyze the workforce. Your summary table described "how many." Now you will calculate mean, median, and mode for the categories of data, and derive the deviation, variance, and dispersion, and distribution. This is where it gets interesting!

 

Your data set in Tab 1 should now be built. Next, you’ll create Tab 2: Excel Summary Stats.

 

Step 6: Use the Analysis Toolpak

 

With your data set built, you will now use the Analysis Toolpak to do those same functions. This is a handy feature to know. Remember that there may be some minor differences in the answers depending on the version.

 

You should now have Tab 2 complete: Excel Summary Stats. Next, you’ll create charts and a histogram for Tabs 3 and 4.

 

Step 7: Create Charts and a Histogram

 

Where would we be without the ability to view data in charts? It is sometimes easier to grasp context of data if we can see it captured in an image. In this step, you will work with data to create charts, adding a tab for charts, and another for a histogram.

 

In this step, you will build Tab 3: Graphs—Charts and Tab 4: Histogram. After you complete these tabs, you’ll be ready to sort the data.

 

Step 8: Copy and Sort the Data

 

You’ve accomplished a lot with your data set, summary stats, charts, and histograms. Another skill you’ll need to be able to do is sort data in an Excel worksheet for reporting purposes. You’ll copy and sort the data.. This is a good skill that applies to any Excel application.

 

In this step, you will create Tab 5: Sorted Data. When you’re finished, you’ll be ready to conduct your quantitative analysis.

 

Step 9: Conduct Quantitative Analysis

 

In this step, your hard work bears fruit. What does it all mean? Think back to your boss's reasons for tasking you with this project. Bring your powers of analysis to bear to determine what the data may be telling you. Apply your quantitative reasoning skills by answering the questions provided in the resource and writing a short essay.

 

After you answer the questions, your short essay should include:

 

a one-paragraph narrative summary of your findings, describing patterns of interest

an explanation of the potential relevance of such patterns

a description of how you would investigate further to determine if your results could be perceived as good or bad for the company.

Prepare your response in this workbook. Create a tab for Quantitative Analysis, create a text box, and paste your answers to above questions and your essay in it. Move the tab to the first tab position.

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