Question

Complete the Analysis section using formulas with statistical functions. Use named ranges instead of cell references in the formulas. Calculate the average, highest, and lowest values for each of the following:

Answer 1

Average value: `=AVERAGE(data_range)`

Highest value: `=MAX(data_range)`

Lowest value: `=MIN(data_range)`

Step-by-step explanation:

The average value for the dataset is calculated using the formula `=AVERAGE(data_range)`. This function computes the arithmetic mean of the values within the specified data range. It adds all values together and divides the sum by the count of numbers in the range, providing a central tendency measure.

The highest value is determined by the function `=MAX(data_range)`, which identifies the maximum value present in the given data range. This function helps to pinpoint the largest value within the dataset, aiding in understanding the upper limit or peak value.

Conversely, the lowest value is derived using the formula `=MIN(data_range)`, which identifies the minimum value within the specified data range. This function is crucial in pinpointing the lowest or minimum value within the dataset, providing insights into the lower limit or floor value.

Answer 2

To analyze the data, create a chart with frequencies, relative frequencies, and cumulative relative frequencies. Calculate the sample mean, sample standard deviation, median, first quartile, third quartile, and IQR using named ranges and appropriate statistical functions.

Step-by-step explanation:

Analyze the Data

1. Create a chart containing the data, frequencies, relative frequencies, and cumulative relative frequencies to three decimal places.

To calculate the frequencies, relative frequencies, and cumulative relative frequencies, you can use the COUNTIF, SUM, and AVERAGE functions. For example, to calculate the frequency of a data point, use the COUNTIF function with the named range. To calculate the relative frequency, divide the frequency by the total number of data points. To calculate the cumulative relative frequency, use the SUM function to add up the relative frequencies.

2. Calculate the following to one decimal place:

i. The sample mean: To calculate the sample mean, use the AVERAGE function with the named range.

ii. The sample standard deviation: To calculate the sample standard deviation, use the STDEV function with the named range.

iii. The median: Use the MEDIAN function with the named range to calculate the median.

iv. The first quartile: Use the QUARTILE function with the named range and specify the quartile number as 1 to calculate the first quartile.

v. The third quartile: Use the QUARTILE function with the named range and specify the quartile number as 3 to calculate the third quartile.

vi. IQR: To calculate the interquartile range (IQR), subtract the first quartile from the third quartile.