Project Week 2
For these project assignments throughout the course you will need to reference the data in the ROI Excel spreadheet. Download it here.Remember the Central Question: Which major, business or engineering, will give the better ROI? For each of the 2 majors calculate the mean, median, minimum, maximum, range, and standard deviation for the columns ‘Cost’ and ’30-Year ROI’. Define each of the terms in #1, and explain how each can be used to provide information as it relates to the central question.By hand or with Excel, for each of the 2 majors calculate the probability that a college picked from the column for ‘School Type’ is ‘Private’.By hand or with Excel, for each of the 2 majors find the probability that a college with the ‘School Type’ ‘Private’ has a ’30-Year ROI’ between $1,500,000 and $1,800,000.This is your highlighted box for your project: Use the definitions and explanations in #2 to analyze the data. Compare the data for the means, ranges, standard deviations etc. and discuss how these comparisons help answer the question of which major will have a better ROI? What does it mean if there is a greater range in terms of ROI? What does it mean if there is a greater standard deviation in terms of ROI? Which major is looking like it has the better ROI right now? Why?
Hint from Dr. Klotz: Don’t skimp on the analysis. Statistics is more than crunching programs – we have to know what the data set is telling us.