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. 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.

Deliverables

You will turn in one Excel workbook for this iLab.

File naming convention: If your name is Jane Doe, then your file should be named very similar to: Doe_J_Week7_iLab.xlsx.

STEP 1: Math & Statistical Functions

A.Please use the following link to open the starter file for this week’s lab #8 Week 7 iLab 8 Starter File.

B.Before you begin working on this lab open your textbook and carefully read pages 466-473!  This material from the book will help you understand the functions we will be using in this lab.

C.In this first step you will open the provided Excel file and then very carefully follow all of the Hands On Exercise #1 located on pages 474-478.

D.Follow each instruction carefully and save your file as instructed on the last step on page 478.  Note: you will continue on with the next exercise so leave the file open.

STEP 2: Descriptive Statistical Functions

In this step, you will need to begin with the ENDING file from Step 1.

A.Please use the ENDING file from Step 1.

B.Before you begin working on this portion of the lab open your textbook and carefully read pages 479-482!  This material from the book will help you understand the functions we will be using in this lab.

C.In this first step you will open the provided Excel file and then very carefully follow all of the Hands On Exercise #2 located on pages 483-485.

D.Follow each instruction carefully and save your file as instructed on the last step on page 485.  Note: you will continue on with the next exercise so leave the file open.

STEP 3: Inferential Statistics

In this step, you will need to begin with the ENDING file from Step 2.

A.Please use the ENDING file from Step 2.

B.Before you begin working on this portion of the lab open your textbook and carefully read pages 486-489!  This material from the book will help you understand the functions we will be using in this lab.

C.In this first step you will open the provided Excel file and then very carefully follow all of the Hands On Exercise #3 located on pages 490-493.

D.Follow each instruction carefully and save your file as instructed on the last step on page 493.  Note: you will continue on with the next step before submitting the final version of your file to the week 7 iLab8 Dropbox.

STEP 4: Documentation Sheet and Reflection

In this step, you will need to begin with the ENDING file from Step 3.

A.Add a documentation sheet to the beginning of the workbook. Include Author, date Created, Last Modified, and Contents sections listing each sheet.

B.Add a Reflection section after the contents and in this area describe your understanding of the difference between descriptive versus inferential statistics and how they might be used in the business world.

C.Format the documentation sheet in a business like and professional manner.