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Etc 5900 Assignment: Descriptive Statistics

Essay by   •  August 31, 2019  •  Coursework  •  3,299 Words (14 Pages)  •  84 Views

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ETC 5900 Assignment: Descriptive Statistics

Answer 1

(1) Qualitative Variable: Home Owner

Qualitative variable also knows as Categorical variable generates categorical feedback. Categorical Variables can be verified on two scales i.e. Nominal or Ordinal. The Nominal Scale identifies data simply with labels and follow no order e.g. Male/Female, whereas the Ordinal scale are also labels but portray a certain order e.g. Small/Medium/Large/Extra Large.

While conducting a feasibility study from the data obtained from 856 potential customers to analyze the efficiency of launching a brand of frozen food products the variable ‘Home Owner’ is a Qualitative variable falling on the Nominal Scale as it just represents labels with no particular order being Yes/No.

(2) Quantitative Variable: Number of Customers

Quantitative variable also knows as Numerical variables portrays numerical responses e.g. Height(175.22cm,181.10cm,160.88cm) or Number of children (1,2,3,4).

Quantitative variables have two types: discrete and continuous. Numerical responses are generated from Discrete data that are generated from a counting process whereas Continuous variables generate data derived from a measuring process.

While conducting a feasibility study from the data obtained from 856 potential customers to analyze the efficiency of launching a brand of frozen food products the variable ‘No of Customers’ falls under the category of Quantitative (Numerical) data which is discrete as it is derived from a process of counting as compared to measuring.

 

  1.  The report stating that the average income of customers is highest for the oldest age groups for both male and female customers is inaccurate considering the analysis conducted. Figure B.1 shows the average annual income of customers grouped in various age groups. While the oldest aged female customers do have the highest average annual income, the oldest aged male customers have the lowest income suggesting inaccuracy in the report. More proof can be obtained from the total column which suggest the highest average annual income for both male and females is in the youngest age group. Figure B.1, the tables data is portrayed in the histogram in Figure B.2.

                                                 Average of Annual Income ($)

 

 

 

Age Range

Female $

Male $

Grand Total $

20-29

                 50,561

         45,431

         47,782

30-39

                 43,192

         47,620

         45,625

40-49

                 46,233

         45,112

         45,637

50-59

                 44,941

         49,193

         46,998

60-70

                 54,340

         42,322

         46,614

Grand Total

                 45,887

         46,597

         46,267

                                                                                Figure B.1

[pic 1]

Figure B.2

  1. As part of the feasibility study to launch a brand of frozen food products, an analysis of a sample of 856 potential customers portrayed in Figure C.1, shows that out of 458 potential Male customers, 61% have tried the product and out of the 398 potential female customers 54% have tried the product. The data suggest more Male potential customers have tried the frozen food products.

A combined 58% of both male and female customers have tried the product as portrayed in Figure C.2

Count of Have Tried

Have Tried

Have Tried

Gender

No

Yes

Grand Total

Female

182

216

398

Male

179

279

458

Grand Total

361

495

856

Figure C.1

[pic 2]

Figure C.2

  1.  Out of the 856 potential customers, 83% do not own homes as portrayed in Figure D.1. Therefore, the statement “the majority of customers do not own their home” is accurate.

Row Labels

Count of Homeowners

No

83%

Yes

17%

Grand Total

100.00%

[pic 3]

Figure D.1

  1. Summary statistics of annual incomes for each of the two genders:

Female: Annual Income ($)

Male: Annual Income ($)

Mean

 $ 45,887.19

Mean

 $ 46,596.94

Median

 $ 40,750.00

Median

 $ 41,150.00

Standard Deviation

 $ 28,333.51

Standard Deviation

 $ 28,914.45

First Quartile

 $ 24,900.00

First Quartile

 $ 25,775.00

Third Quartile

 $ 57,875.00

Third Quartile

 $ 60,875.00

Interquartile

 $ 32,975.00

Interquartile

 $ 35,100.00

Range

 $ 150,200.00

Range

 $ 187,400.00

Minimum

 $ 3,600.00

Minimum

 $ 4,100.00

Maximum

 $ 153,800.00

Maximum

 $ 191,500.00

Coefficient of Variation

 61.75%

Coefficient of Variation

 62.05%

...

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