Management Notes

# Management Notes

Reference Notes for Management

# Week 1 DQ2 – Data Analysis and Business Intelligence | Westcliff University

Note: Only for reference

In the first week of our course, we dealt with three chapters which included basic concepts of Statistics, its use in our daily life and business, types of statistics, types of variables, different data levels of measurement (nominal, ordinal, interval and ratio), frequency tables and distribution, etc. We also discussed the practice of statistics should be guided by ethical behavior. Along with this some of the numeric measures like mean and median gave been discussed as well. This week 1 DQ2 is mainly focused on numerical illustration and graphical presentation of frequency distribution and histogram for the purpose of making a decision.

Numerical Illustration

Given;

• Total number of participants (n)= 70
• Highest data value(H) = 1002.2
• Lowest data value(L) = 3.3

Frequency Distribution Table

 Class (\$000) Frequency 0-150 28 150-300 19 300-450 15 450-600 2 600-750 4 750-900 1 900-1050 1 Total=70

Table 1: Frequency distribution table for Merrill

Findings:

Therefore, for the class interval I would like to suggest 7 classes.

Working notes:

 For number of classes For class interval value Total no. of observations (n) = 70 According to “2 to the K rule”, 2K > n2k > 70 Trying k = 6 then:26 > 7064 > 70 (i.e., 64 is less than 70, so 6 classes is not enough.)Trying next highest number k = 7 then: 27 >70128>70 (i.e., 128 is greater than 70 so the suggested number of classes is 7.) i = (highest value-lowest value)/K i= (1002.2-3.30/7i=142.7i=150 (i.e., approximately figure, the value should be in multiplication of 10 or 100) 