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Scenario/Summary
Hopefully you will find this week's iLab activity fun and useful. We'll be exploring the world of statistics from a business perspective this week, allowing you to practice your skills with descriptive statistics, formatting, graphs, and regression analysis.
As discussed in the lesson, the value of statistics lies in the ability to analyze data more effectively for the purpose of improving decision making. You might have heard the expression that "statistics never lie, and only liars use statistics". There is an obvious truth in this statement, in that, depending on the questions being asked and the data collected, the statistics can skew reality.
For example, it is true that as ice cream sales increase, accidents at swimming pools increase. Does this mean that the more ice cream that is sold, the more accidents it causes (correlation/causation)? Of course not, but the data, if not interpreted correctly, could lead to false conclusions. It just so happens that both are correlated to a rise in temperature in the summertime. The hotter it is outside, the more kids flock to swimming pools, leading to more accidents, and the more ice cream is sold. So you see, although statistics are vital in the world of decision making, you have to be wise, and ask the right questions.
STEP 1: Getting Started—Worksheet Template
Please download this week's iLab file: Week7_iLab_Statistics
Your first step should be to save and rename this file according to the naming convention above.
It is recommended, as you work on this iLab, that you save your work often.
STEP 2: Create a Documentation Page
This will be a similar documentation page that you have used for all prior iLabs. Please refer to instructions in iLab 1 for detailed instructions.
Be sure to place the documentation sheet as your first sheet.
STEP 3: Descriptive Statistics
The Data_1971_2000 worksheet is already loaded with data for you, which is the actual temperatures for all of the U.S. states between 1971 and 2001. As you can see, the data already contains the averagetemperature for each state, in both Fahrenheit and Celsius, along with the ranking of the states, in terms of warmest average temperature (#1) to the lowest.
1. Freeze the top row, so that the column headers are visible as you scroll through the data.
2. At the bottom of the page, you are asked to provide the Count, Average, Median, Mode, Min, and Max for each of the states for each of the data columns. The shaded area at the end of the states is where these descriptive statistics should be entered.
3. To the right of the data, starting at approximately Texas (row 44), use the Data Analysis feature to display the summary descriptive statistics for each temperature and the rank. Be sure to shade and format your descriptive statistics (similar to the shading in Step #2 above) so as to be able to read everything well.
As you read your results, you might note some interesting results. First and foremost, note how the statistics associated with the rankings are virtually worthless, as they really don't provide any insight to the data itself. This is a little of what I meant above when I talked about some statistics are junk, and you have to be careful in how you ask your questions and interrupt the results.
STEP 4: Bar Chart and Summary Statistics
Using the BarChart worksheet, calculate the summary statistics shown at the bottom of the data, for each of Bottles, Cans, and Plastic.
Create a bar chart to the right of the data, with a title of Marketing Campaign Results. You can choose the colors that you want for each city's results, but make sure that you show the Yaxis labels to the right and the Xaxis labels on the bottom, along with the word City as their label.
STEP 5: Line Chart
Using the LineChart1 worksheet, calculate the average income for the ages listed. Then create a line chart, with a title of Average Income by Age, with appropriate labels on the X and Y axis.
Your chart should be placed to the right of your data, on the same sheet.
STEP 6: Average and Median, With Line Chart
This step is very similar to the previous worksheet, except that there is an additional summary statistic and you are working with multiple variables.
Calculate the average and median for both Income and Rent. As you look at your results, do you notice the difference between the results? Does this better explain the difference between average and median for you?
To the right of the data, on the same sheet, produce a line graph of the Income and Rent. Again, the color of the lines is your choice. Use a chart heading of Average Income/Rent by Age. Be sure to show your Income and Rent labels to the right of the chart, and a label of Age on the X axis and Amount ($000) on the Y axis.
STEP 7: Regression Analysis and Scatter Graph
The data here is very simple, and not really a good example of using regression analysis, but the process behind the exercise is the most important issue.
1. Create a scatter chart of the data, below the data, with a title of Revenue Growth.
2. Draw a trendline associated with the data points. Be sure to select the inclusion of the Equation and Rsquared values on the chart.
3. Perform a regression analysis on the data set. Remember to identify which of the variables are dependent (Y axis) and independent (X axis) so as not to get confused on your input values. Place the regression results, starting at cell I1, instead of using the default, which is a separate sheet. Be sure to identify and highlight on the regression data, the Rsquared value, the Intercepts point, and the slope of the line.
STEP 8: Sorting Statistics
The data listed here is the first and last five presidents to have died of natural causes.
Many forget that simply sorting information in a specific format can provide meaningful information. However, before we begin the multiple sorting exercise, simply complete the descriptive statistics at the bottom of this group of presidents. There are multiple ways of calculating the average age for the first and last five presidents, but for this exercise, use the AVERAGEIF function. Because there is not a MEDIANIF function, you will have to do this one manually with your formula (not with a calculator).
Your next step is to copy the data for each president, excluding the ordinal column, to each of the other two categories. For example, the column of President should start at cell G3, and at cell L3. Once you have copied the data, reorder the data, with the second group by Age at Death, and the third set by Year of Death.
You will most likely find this information very interesting. Some find it strange that the average age of death of the first five and the last five presidents was less than a year different, especially given all the advances in medicine.
STEP 9: Regression Analysis
Scenario: The owner of the Original Greek Diner has been advertising for the past year, and is now ready to renew his contract. He needs to know if the advertising has been effective, so your task is to take the prior year's data and perform a regression analysis to determine the correlation between advertising expenditures and restaurant sales (revenues).
Using the GreekData sheet, prepare a scatter plot graph with a title of Revenues (Y), placed to the right of the data on the same sheet. The data must be presentable, so you might want to use an increment of $500 for the X axis. After creating the graph, which should include the Equation and Rsquared values, create a trend line. You should notice that there appears to be a close relationship between advertising spending and revenues.
Your next task is to create the regression data on a separate sheet, labeled Greek Regression. As a reminder, regression analysis is located on the Data > Data Analysis menu. Be sure to highlight the Rsquared value in red, the Intercept value in blue, and the X variable 1 in green.
Based on this data, and what you have learned about regression thus far, what do you think the owner should do?
Let me throw you a curve (pun intended). Suppose this restaurant is located near a baseball park, and it just so happens that the days the owner advertised, there were baseball games playing on those nights. Would you now have the same conclusions, or might you want to take the time to collect more data?
Statistics are not perfect, but they can provide immeasurable insight into data analysis. You just have to ask the right questions.
Be sure to submit your work for this iLab to the Dropbox basket labeled Week 7: iLab 8.
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WE HAVE A NEW WEEK 5 LAB (UPDATED JUNE 2016) WHICH COULD BE FOUND ON THIS LINK
http://www.bis155papers.com/product55BIS155iLab8(Week7)Descriptivestatistics,formatting,graphs,andregressionanalysis
Hopefully you will find this week's lab activity fun and ..

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WE HAVE A NEW WEEK 5 iLAB 6 (UPDATED JUNE 2016) WHICH COULD BE FOUND ON THIS LINK
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WE HAVE A NEW WEEK 5 LAB (UPDATED JUNE 2016) WHICH COULD BE FOUND ON THIS LINK
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WE HAVE A NEW WEEK 3 LAB (UPDATED JUNE 2016) WHICH COULD BE FOUND ON THIS LINK
http://www.bis155papers.com/product60BIS155iLab3:LukeLibertyRealty(New)
Lab 3 of 7: Alice Barr Realty Analysis
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WE HAVE A NEW WEEK 2 LAB (UPDATED JUNE 2016) WHICH COULD BE FOUND ON THIS LINK
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BIS 155 Lab 2 of 7: Excel’s Advanced Formulas & Functions
You are an intern at First Nat..

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WE HAVE A NEW WEEK 1 LAB (UPDATED JUNE 2016) WHICH COULD BE FOUND ON THIS LINK
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Lab 1 of 7: Saddle River Marching Band (50 Points)
Submit your assignment to the..

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Week 5 Quiz
(TCO 5) When multiple worksheets are selected, the word ________ appears in the title bar. (Points : 2)
(TCO 5) In Excel, which of the following would you perform to group adjacent worksheets? (Points : 2)
(TCO 5) When two windows of the same workbook are opened, E..

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Week 4 Quiz
(TCO 8) Which of the following is one of the most common file types imported into Excel? (Points : 2)
(TCO 8) Which of the following is NOT a text file? (Points : 2)
(TCO 8) Which of the following is NOT a method for refreshing data? (Points : 2..

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Week 3 Quiz
(TCO 4) If there are certain columns of information that are not needed at a particular time but might be needed later,_ the unneeded columns to allow users to focus on only the essential information. (Points:2)
(TCO 4) In Excel, the print area is defined as _____...

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Week 2 Quiz
(TCO 2) An absolute cell reference: (Points : 2)
(TCO 2) Which of the following best describes a circular reference? (Points: 2)
(TCO 2) =$E2G$4 contains examples of _____ cell references. (Points: 2)
(TCO 2) In Excel, an Argument wo..

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Week 1 Quiz
(TCO 1) Which of the following describes the function of the Formula Bar (as it applies to Excel 2010)? (Points : 2)
(TCO 1) Which of the following best describes a cell address? (Points : 2)
(TCO 1) If yo..

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Objective
The general instructions for this project can be found in the Week 6 Lecture material. The Week 6 Lecture describes the assignment and provides an overview of the project as a whole. There are no stepbysteps for the course project. The following are grading criteria for this proje..

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(TCO 1) You work for a local construction firm, "DeVry Engineering Group" and your supervisor wants to test your knowledge and skills with Microsoft Excel and has instructed you to develop a spreadsheet to calculate weekly payroll for “15” employees with the following assumptions:....... (Poi..

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BIS 155 Course Project Excel Project
BIS 155 Lab 1 of 7: Saddle River Marching Band
BIS 155 iLab 1 Upper Saddle River Marching Band (New)
BIS 155 Lab 2 of 7: Excel's Advanced Formulas & Functions
BIS 155 iLab 2: First National Bank (New)
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Question 1. Question : (TCO 5) The tabs of grouped worksheets are displayed with a _____ background.
gray
yellow
blue
white
Question 2. Question : ..

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Question 1. Question : (TCO 8) Which of the following is one of the most common file types imported into Excel?
Text
PowerPoint
Web
Word
Question 2. Question : ..

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Question 1. Question : (TCO 4) If there are certain columns of information that are not needed at a particular time but might be needed later, _____ the unneeded columns to allow users to focus on only the essential informati..

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Question 1. Question : (TCO 2) In Excel, a relative cell reference
indicates a cell's specific location and the reference does not change when you copy the formula.
contains both an absolute and a relative cell refere..

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Question 1. Question : (TCO 1) An Input Area (as it applies to Excel 2013) is defined as_____.
a range of cells containing results based on the output area
displays the name of a worksheet within a workbo..

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BIS 155 Week 1 DQ Getting Familiar With Excel
BIS 155 Week 2 DQ Formulas and Functions
BIS 155 Week 3 DQ Data Analysis Tools
BIS 155 Week 4 DQ Excel Data Exchange
BIS 155 Week 5 DQ Data Consolidation and WhatIf Analysis
BIS 155 Week 6 DQ Bringing It All Together
BIS 155 W..

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More than 100 years ago, H.G. Wells commented that "statistical thinking will one day be as necessary as the ability to read and write." If you were to google "statistics for managers", you will see a list of all sorts of books on this topic, followed by thousands of articles and resources.
P..

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This week will be an opportunity to share ideas and approaches to the Excel course project due this week.
What are some spreadsheet features you will use to make your spreadsheet professional, readable, reliable, and repeatable?
This is an opportunity to show your creativity ..

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Discuss and compare the group summations and WhatIf analysis (Consolidation) Excel tools. You may need to look up (research) the group summations.
Under what circumstances would you use each of these features? Do they both serve the same purpose, or is each one used under different sce..

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Excel 2013 provides the capability to exchange data with other applications. Discuss the different types of ways to exchange data between Excel and other Microsoft applications.
Are there limitations to the exchange process? Think of some specific examples.
How can you exchange data..

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Excel provides many different ways in which to analyze data. Discuss the different methods by which you can analyze data in your spreadsheet. That is, try an Internet search for "data analysis with excel" or use some of the methods you learned in this week's lesson. P.S. Please don't use the ..

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One of the benefits of Excel is the ability to use formulas and functions.
Discuss the differences between formulas and functions. Pick a function in Excel and discuss how that function is used to calculate results in your worksheets. Review your classmates posts to make sure that you're not ..

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Excel was introduced in 1985. Since then, it has become a standard business tool.
Discuss and explain at least six different (unique) features of Excel that make it a valuable business tool.
Discuss what type of Excel skills would be important in today’s job market and why. Be speci..

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Complete the tasks below using Microsoft Excel. You may refer to your notes, the textbook, or other resources such as the Web You may not get interactive help from any other person, either in person or via email, text messaging, instant messaging, or other communications channels. I strongly reco..

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BIS155 Practical Final Exam Instructions 1 for Cool Clocks, Inc. (v2)
Complete the tasks below using Microsoft Excel. You may refer to your notes, the textbook, or other resources (for example, you may search the Web for information). You may not get interactive help from an..

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Scenario/Summary
Hopefully you will find this week's iLab activity fun and useful. We'll be exploring the world of statistics from a business perspective this week, allowing you to practice your skills with descriptive statistics, formatting, graphs, and regression analysis.
As discussed ..

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Scenario/Summary
The purpose of this exercise is to use the Excel skills you have acquired thus far, and apply them to an analysis of a business scenario, of your choice. This will consist of preparing the groundwork in Excel (importing data, preparing the analysis using tables, charts, graph..

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Senario/Summary
Your friend, Adair Deske, is considering opening a day care center. She has started compiling her assumptions and putting together an Income Statement. She has determined that she must make at least $75,000 profit per year in order to start the business. She has asked you to a..

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The owner of Carina's Pizza, wants to evaluate the profitability of the three restaurants before expanding further. They are particularly interested in the comparative results of three dining categories, dinein, pickup, and delivery. Carina has asked for your help in doing this analysis in retur..

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You work with the Student Education Trust, which allows you to demonstrate your expertise with Excel. The trust is sponsoring an auction, and you have received a list of all donors who have contributed to this auction. The list was pulled from their database as a commaseparated text file. You ha..

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You are an intern with the Regional Realty Association and are analyzing the claim made by Luke Liberty Realty that "we get your price." You have prepared a spreadsheet that shows data relating to 3 months' sales by Luke Liberty Realty. You are going to determine the percent of asking price for e..

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Scenario/Summary
You are an intern at First National Bank working in the loan department, and your boss has asked you to prepare the monthly "New Loan Report" for the Board of Directors. This analysis report will clearly list and summarize all new loans for residential housing in the past mon..

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Scenario/Summary
You are the assistant to the band director for the Upper Saddle River Marching Band, and you must prepare a report showing the status of the marching band fundraising event for presentation to the board of trustees. The report will summarize all sales of all items and include..
