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QMB Project Assignment 1

The document outlines the requirements for Project Assignment 1, which involves collecting and analyzing a Student Data Set related to cars. It includes specific tasks such as uploading the data set, identifying variables, creating a histogram, and running descriptive statistics using Statistix 10 software. Deadlines, penalties for late submissions, and instructions for document submission are also provided.

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lnperciballi
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25 views4 pages

QMB Project Assignment 1

The document outlines the requirements for Project Assignment 1, which involves collecting and analyzing a Student Data Set related to cars. It includes specific tasks such as uploading the data set, identifying variables, creating a histogram, and running descriptive statistics using Statistix 10 software. Deadlines, penalties for late submissions, and instructions for document submission are also provided.

Uploaded by

lnperciballi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Project Assignment 1

You will need to have collected your Student Data Set (cars) before you can begin this
assignment. See the video in Course Kaltura for more information.
Complete your work in this document in black type. Leave the existing document in the blue
type it is currently in and do not edit the document in any way except to add your responses
below each prompt. If you submit an incorrect document or incomplete document, you MAY be
allowed to re-submit (although this is not guaranteed) at a penalty of 25% (absolutely no
exceptions). The assignment is due by Friday, February 9 at 5:00pm. There will be a grace
period extended though 11:59pm on Sunday night, any assignments submitted after this point
are assessed a penalty of 10% of the total grade per day or portion of the day.
The point value for each response follows each prompt; however, you may also have point(s)
deducted for failing to follow the instructions.
Do not put this off! There will be NO extensions granted for technical issues, and there is
ALWAYS the possibility that these may occur.

PART 1: Upload your Student Data Set to the Canvas portal labelled “Student Data Set.” 10
points.

PART 2: Use the student data set that you collected (cars data) to answer the following
questions. 9 points total.
a. Identify your experimental unit. (1 pt.)
The experimental unit is the car.

b. Identify the four variables of your data set and give the type of variable (quantitative or
qualitative) for each. (1 pt. each)

Variable 1: Price Type: Quantitative

Variable 2: Model Type: Qualitative

Variable 3: Year Type: Qualitative


Variable 4: Milleage Type: Quantitative

PART 3: Use the Statistix 10 software to create a histogram of the price of your vehicles. 8
points total.
a. Insert a clear screenshot of the histogram of the price of your vehicles (5 pts.).

b. By looking at the histogram above, do you expect there to be any outliers in your
sample? Why or why not? (2 pts.)
Yes, I expect there to be outliers, because many cars didn’t have the same price as the
majority, some were Ferraris, which had prices that would shoot up to over $600,000
and prices of also $100,000.

c. How would we determine of there were in fact any outliers? Describe a method that
was discussed in class. (1 pt.)
We would determine if there were any outliers if the standard deviation is above three.

PART 4: Use the Statistix 10 software to complete the following section. 13 points total.
a. Run the descriptive statistics for the price of your 75 vehicles, finding the mean, the
standard deviation, and the confidence interval. Insert a screenshot of the printout
below. Make sure the screenshot is legible. (5 points)

b. Based on the Printout above, what is the average price of the used vehicle? Put the
value in the appropriate unit of measure. (2 pts.)

$137,152

c. What is the standard deviation? Put the value in the appropriate unit of measure. (2
pts.)
184,407 Miles

d. What is the 95% confidence interval? (1 pt.)

(94724, 179580)

e. What is the practical interpretation of the confidence interval? (Use the appropriate
units of measure. (3 pts.)
We are 95% confident that µ, the average price of a car, falls between (94724,
179580) dollars.

Be sure you remember to submit this document to Canvas on time, then CHECK TO MAKE
SURE YOU SUBMITTED THE CORRECT DOCUMENT! If you neglect to do so and submit an
incorrect document in error, you will be penalized a 25% point deduction IF you are allowed
to re-submit. DO YOURSELF A FAVOR AND TAKE THE TIME TO CHECK!

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