Assignment 1 – Apply: Statistics Analysis
In preparation for writing your report to senior management next week, conduct the following descriptive statistics analyses with Excel®. Answer the questions below in your Excel sheet or in a separate Word document:
· Insert a new column in the database that corresponds to Annual Sales. Annual Sales is the result of multiplying a restaurants SqFt. by Sales/SqFt.
· Calculate the mean, standard deviation, skew, 5-number summary, and interquartile range (IQR) for each of the variables.
· Create a box-plot for the Annual Sales variable. Does it look symmetric? Would you prefer the IQR instead of the standard deviation to describe this variables dispersion? Why?
· Create a histogram for the Sales/SqFt variable. Is the distribution symmetric? If not, what is the skew? Are there any outliers? If so, which one(s)? What is the SqFt area of the outlier(s)? Is the outlier(s) smaller or larger than the average restaurant in the database? What can you conclude from this observation?
· What measure of central tendency is more appropriate to describe Sales/SqFt? Why?