1. For each the following variables from the Salary Data Set provide the measures of location and measures of dispersion for the following variables: 1. Beginning Salary

Measures of location provide estimates of a single value that in some fashion represents “centering” of the entire set of data (Render 32). Dispersion refers to the degree of variation in the data, that is, the numerical spread (or compactness) of the data (Render 33). Several statistical measures characterize dispersion: the range, variance, and standard deviation (Render 33).
Data Analysis Screenshot

Beginning Salary | | | Mean | 16968.6 | Standard Error | 832.7099004 | Median | 14250 | Mode | 11250 | Standard Deviation | 8327.099004 | Sample Variance | 69340577.82 | Kurtosis | 8.870500663 | Skewness | 2.728469766 | Range | 49800 | Minimum | 10200 | Maximum | 60000 | Sum | 1696860 | Count | 100 |

2. Previous Experience

Answer:

Previous Experience (months) | | | Mean | 95.61 | Standard Error | 10.5477356 | Median | 60.5 | Mode | 0 | Standard Deviation | 105.477356 | Sample Variance | 11125.47263 | Kurtosis | 2.361186909 | Skewness | 1.602499176 | Range | 460 | Minimum | 0 | Maximum | 460 | Sum | 9561 | Count | 100 |

3. Which variable has the greatest relative variability?

The coefficient of variation (CV) provides a relative measure of the dispersion in data relative to the mean and is defined as: CV = Standard Deviation/Mean (Render 34).

2. You are the manager of a high-end ladies fashion store. For the past few months you have been gathering data and found that 55% of persons entering the store actually make a purchase. Assume these data follow a Binomial Distribution and use Excel to calculate the following binomial probabilities: 1. If 15 people enter the store, what is the probability