Describe the level of measurement for each variable included in the data set (nominal, ordinal, interval, ratio)

Deliverable 01 Worksheet

1. Introduce your scenario and data set.

· Provide a brief overview of the scenario you are given and describe the data set.

· Describe how you will be analyzing the data set.

· Classify the variables in your data set.

· Which variables are quantitative/qualitative?

· If it is a quantitative variable, is it discrete or continuous?

· Describe the level of measurement for each variable included in the data set (nominal, ordinal, interval, ratio).

Answer and Explanation:

The scenario is about the client who is interested in finding out the salary distributions of jobs in the Minnesota state that range from $30,000 to $200,000 per year. The data set provided in the scenario consists of 364 records from the Bureau of Labor Statistics and contain a listing of titles of several jobs with yearly salaries in $30,000 to $200,000 range.

I will be analyzing the data set using the descriptive statistics which is a quantitative data analysis method. This will help me to summarize the data and find patterns in the salaries.

The salaries are quantitative variables, while Job titles are qualitative variables. Salary being a quantitative variable, it is also discrete.

The salary variable is in an ordinal level of measurement since the salary values depict some ordered relationship. Job title variable is a normal level of measurement as it is used only to classify the data.

1. Discuss the importance of the Measures of Center.

· Name and describe each measure of center.

· Discuss the advantages and/or disadvantages of each.

Answer and Explanation:

Mean: is the numerical average of a set of values, which is obtained by dividing the sum of all values by the number of the values. It is the best measure of central tendency as it takes into account all values. It is also useful when comparing sets of data.

However, mean is affected easily by any extreme value; hence it is not the best measure to use in skewed distribution.

Median: it is the midpoint of a set of numerical values when arranged in order. It is not affected strongly by the extreme values or skewed data as the way mean is affected. It is the best measure to use in a skewed distribution. It is also useful in comparing sets of data and yields one distinct answer.

However, median is not used often as the way mean does.

Mode: it is the most common value among a set of values. It is useful in nominal data set in which both mode and median are undefined. It works with both numerical and non-numerical data. It is also useful in non-numerical data. It is not affected by outliers.

However, there may be more than one mode in a data set or even no mode at all in the data set. The mode tends to be useless if no values in the set repeat.

1. Discuss the importance of the Measures of Variation.

· Name and describe each measure of variation.

· Discuss the advantages and/or disadvantages of each.

Answer and Explanation:

Range: it is the highest score minus the lowest score. It is the simplest measure of variability to calculate and can be used as a measure of variability where precision is not required. However, the value of range is affected by two extreme values only. Also, range is not stabling from sample to sample. It is not sensitive to the distribution’s total condition. The range depends on the sample size, it tends to be greater when the sample size is greater.

Inter-quartile range: it is the range of the middle 50% of the values in a distribution. It is less sensitive to the outliers. It is not amenable to mathematical manipulation. It is a good measure of variation when the distribution is skewed. However, its sampling stability is not up to the standard deviation.

Variance: it is the measure of the dispersion of a set of data around the value of their mean. It defines how close the values in the distribution are to the middle of the distribution. It is equal to the sum of squared differences between the observed values and their mean, divided by the total number of the observations. It is a common measure of data dispersion. The figures obtained in variance are large, and hard to compare since the unit of measurement is squared.

Standard deviation: it is the square root of the variance. It is a useful measure of variability when the distribution is normal or approximately normal, since the proportion of the distribution within a given number of standard deviations from the mean can be calculated. It is most common measure of variability for a single data set. It is resistant to sampling variation, and it is commonly used in both inferential and descriptive statistics. However, it is responsive to exact position of each score in the distribution. It is more sensitive than inter-quartile range to the presence of few extreme scores in the distribution.

Coefficient of variation: it is equal to the standard deviation divided by the mean of the data set. It is also referred to as a relative standard deviation. It is useful in comparing two data sets unlike standard deviation. Its actual value is independent of the unit in which the measurement has been taken; hence it is a dimensionless number. However, the value of coefficient of variation approaches to infinity when the average value is zero; hence it is quite sensitive to small changes in mean values. It cannot be directly used to construct confidence intervals for the mean.

1. Calculate the measures of center and measures of variation from the data set and list them below. Be sure to include (a) an interpretation of each measure in context of the scenario (for example, if the median is larger than the mean, what does it mean? What does the value of standard deviation tell you?) and (b) correct units of measurement. Show your calculations in your spreadsheet. You do not need to include Excel functions in your written answer below.

· Mean

· Median

· Mode

· Midrange

· Range

· Variance

· Standard deviation

Answer and Explanation:

From the calculations of the measures of center and measures of variation from the scenario data set, the following are the respective answers.

1. Mean = 71,879 dollars
2. Median = 66,525 dollars
3. Mode = 71,420 dollars
4. Midrange = 116,100 dollars
5. Range=167,760 dollars
6. Variance = 546,033,522 dollars^2
7. Standard deviation =23,367.36018 dollars

Explanation:

The mean value means that the most common salary of jobs in the state of Minnesota is 71,879 dollars. Also, it can be observed that the mean is greater than the median, hence this means that the distribution of the salary of jobs in the state of Minnesota is skewed to the right, thus bunched up toward the left and with a tail stretching toward the right. The standard deviation obtained in the scenario is high, hence indicates that the salary of jobs in the state of Minnesota are spread out over a large range of values.

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Accounting homework help

Competency

Given a real-life application, develop a confidence interval for a population parameter and its interpretation.

Instructions

Scenario (Information repeated for deliverable 01, 03, and 04)

A major client of your company is interested in the salary distributions of jobs in the state of Minnesota that range from $30,000 to $200,000 per year. As a Business Analyst, your boss asks you to research and analyze the salary distributions. You are given a spreadsheet that contains the following information:

A listing of the jobs by title

The salary (in dollars) for each job

You have previously explained some of the basic statistics to your client already, and he really liked your work. Now he wants you to analyze the confidence intervals.

Background information on the Data

The data set in the spreadsheet consists of 364 records that you will be analyzing from the Bureau of Labor Statistics. The data set contains a listing of several jobs titles with yearly salaries ranging from approximately $30,000 to $200,000 for the state of Minnesota.

What to Submit

Your boss wants you to submit the spreadsheet with the completed calculations. Your research and analysis should be present within the answers provided on the worksheet.

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What Are the Key Components to Competitive Success in Business?

What are the components of competitive strategy?

Competitive strategy- This is the plan that a company makes that is used to have a competitive advantage over the market. This is used as a long term goal. ( Zigu, 2019)

Components-

A: Planning- The planning of a company is the Most Vital aspect that needs to be done. This plan is created at the start of a business and is re-evaluated through out the life of the business. The plan is made up to decide where the company wants to go and any goals it wants to achieve. ( Ingram, 2016)

B: Value Creation-This is the process that the company does to make sure that their product remains on top of the market. It is continually making upgrades and keeping up with the changes in the market. This is done so that the product doesn’t die out. ( Ingram, 2016)

C: Customer service-this is important because keeping the consumers happy is what will keep your company running. The customer needs to have a good experience with your company to make them want to return to the company or buy the product again. They will also suggest your company to others which will increase sales for the company. ( Ingram, 2016)

D: Financial Management- Being able to manage your spending and cost for the company is important. This will help the company complete their goals as well as keeping the doors open. With out this component the company will fail. ( Ingram, 2016)

E: Marketing- Being able to advertise and maintain the consumers attention is crucial. The consumer must know about your company for them to shop with you. This may seem like a costly venture but in the long run it will be worth it. ( Ingram, 2016)

Within competitive strategy what is the relevance of a value change framework? What are the implications for customers and the competition?

The relevance of value change frameworks dictates to the company the ability of the company to be able to change with the times. This means training the workers to maintain the standards of the company as well as the market. This is important because the market is ever changing and must be able to keep up with the times. Being able to do this helps the company keep up with the competition and/or remain ahead of it. The customers will continue to return and reman happy with their purchase.

Cooperative strategies are the steps taken by two or more organizations to align strategies and resources to achieve a common goal. Discuss some considerations that must be taken into consideration when planning a strategic alliance.

A strategic alliance is when two or more companies decide to work together toward a common goal. They do not become one big company but remain independent of each other. (ww.businessdictionary.com, 2019) This means that when the companies join this alliance they must be considerate of each other. No one company can have more power then the other and all companies must agree on the decisions being made. It is critical to remember that each company is as an independent company but are working together to achieve the same goal. For example, a beverage company works together with a bottling and a fruit company to produce its products. Each company is its own entity but are working to create the same product.

What are the critical factors that are necessary in a joint venture to increase the likelihood of success?

Joint venture- “ A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits , losses, and costs associated with it. However, the venture is its own entity, separate from the participants’ other business interests.” (Hargrave, 2019)

The one critical factor that is necessary when entering a joint venture is making sure that every party is satisfied with the decisions being made. I say satisfied because not all the decisions are going to make the parties totally happy. Compromises must be made. But it is all for the good of the venture.

References:

Hargrave, M. (2019, May 08). How and When to Set up a Joint Venture (JV). Retrieved from https://www.investopedia.com/terms/j/jointventure.asp

Ingram, D. (2016, October 26). What Are the Key Components to Competitive Success in Business? Retrieved from https://smallbusiness.chron.com/key-components-competitive-success-business-604.html

Www.businessdictionary.com. (2019). What is strategic alliance? definition and meaning. Retrieved from http://www.businessdictionary.com/definition/strategic-alliance.html

Zigu. (2019). Competitive Strategy Definition | Marketing Dictionary. Retrieved 2018, from https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/7394-competitive-strategy.html

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Develop a 500 to 750-word examination of the financial statements

Assignment Steps

Scenario: Green Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it has made the boarding business extremely competitive. To meet the competition, Green Pastures planned in 2017 to entertain clients, advertise more extensively, and absorb expenses formerly paid by clients such as veterinary and blacksmith fees.

The budget report for 2017 is presented as an attachment. As shown, the static income statement budget for the year is based on an expected 21,900 boarding days at $25 per mare. The variable expenses per mare per day were budgeted: feed $5, veterinary fees $3, blacksmith fees $0.25, and supplies $0.55. All other budgeted expenses were either semifixed or fixed.

During the year, management decided not to replace a worker who quit in March, but it did issue a new advertising brochure and did more entertaining of clients.

Develop a 500 to 750-word examination of the financial statements and include the following based on the static budget report:

What was the primary cause(s) of the loss in net income?

Did management do a good, average, or poor job of controlling expenses?

Were management’s decisions to stay competitive sound?

Prepare a flexible budget report for the year.

Based on the flexible budget report:

What was the primary cause(s) of the loss in net income?

Did management do a good, average, or poor job of controlling expenses?

Were management’s decisions to stay competitive sound?

What course of action do you recommend for the management of Green Pastures?

Show your work in Microsoft Word or Excel.

Complete calculations/computations using Microsoft Word or Excel.

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