2-1 Data Set Homework Descriptive Statistics on Data Set 1 Adam Knapp

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Feb 20, 2024

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1 2-1 Data Set Homework: Descriptive Statistics on Data Set 1 Adam Knapp Southern New Hampshire University QSO-510: Quantitative Analysis Dr. Thomas Barnard 12/10/2023

2 The first data set we have been provided shows us a sample of annual salaries for recently hired operators within a chemical manufacturing plant. Using the ToolPak and descriptive statistics function through excel, I have compiled results regarding the salaries for mean, median, mode, sample variance, and standard deviation. Below will be the specifics regarding the information gathered. The mean salary for the group of 12 recent hires was $75,195.92. This is the average amount the group is being paid. This number could be used by HR employees to see how competitive they are within the market. Making sure that they are paying employees at least the market value for the job they are doing. If the number is too low, this company could see a high turnover rate, and if it is too high, the company may look to lower the number to save more money in the future. The median salary is the salary that falls directly in the middle of the group, that salary for this group of 12 employees is $74,840. The median is found by putting all the values in order and picking the middle number, or in this case, since there are two middle values, you take the average of the two middle values to get the median (Khan Academy, 2023) . For this data set there was not a mode, as none of the newly hired employees were making the same amount of money. The mode is the most commonly occurring point in the data set, so if multiple employees were making the same amount of money, that amount would have been calculated as the mean (Khan Academy, 2023) . The standard deviation for this data set is 4686.46. The standard deviation tells you how far, on average each value falls from the mean data point. The higher that standard deviation the further from the mean, and the lower the standard deviation the closer the numbers are to the mean (Bhandari, 2023) .

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