project submission 1

QMB 3200 Fall 2022 Project Submission 1You will need to have collected your Student Data Set (cars) before you can begin this
assignment. See the video in Course Kaltura for more information.
Complete your work in this document in black type. Leave the existing document in the blue
type it is currently in and do not edit the document except to add your responses below each
prompt. Do not put your name on this document. Submit to Canvas as a single .doc or .docx file
(assignments submitted in any other format will not be graded). If you submit an incorrect
document, an incomplete document, or a file in an improper format, you MAY be allowed to resubmit (although this is not guaranteed) at a penalty of 25% (absolutely no exceptions). The
assignment is due by Friday, September 23 at 5:00pm. Late assignments are assessed a penalty
of 10% of the total grade per day or portion of the day.
The point value for each response follows each prompt; however, you may also have point(s)
deducted for failing to follow the instructions.
PART 1: Use the student data set that you collected (cars data) to answer the following
questions. 9 points total.
a. Identify your experimental unit. (1 pt.)
b. Identify the four variables of your data set and give the type of variable (quantitative or
qualitative) for each. (1 pt. each)
Variable 1:
Type:
Variable 2:
Type:
Variable 3:
Type:
Variable 4:
Type:
PART 2: Use the Statistix 10 software to create a histogram of the price of your vehicles. 8
points total.
a. Insert a clear screenshot of the histogram of the price of your vehicles (5 pts.).
b. By looking at the histogram above, do you expect there to be any outliers in your
sample? Why or why not? (2 pts.)
c. How would we determine of there were in fact any outliers? Describe a method that
was discussed in class. (1 pt.)
PART 3: Use the Statistix 10 software to complete the following section. 13 points total.
a. Run the descriptive statistics for the price of your 75 vehicles, finding the mean, the
standard deviation, and the confidence interval. Insert a screenshot of the printout
below. Make sure the screenshot is legible. (5 points)
b. Based on the Printout above, what is the average price of the used vehicle? Put the
value in the appropriate unit of measure. (2 pts.)
c. What is the standard deviation? Put the value in the appropriate unit of measure. (2
pts.)
d. What is the 95% confidence interval? (1 pt.)
e. What is the practical interpretation of the confidence interval? (Use the appropriate
units of measure. (3 pts.)
PART 4. Submit this document to Canvas, then CHECK TO MAKE SURE YOU SUBMITTED THE
CORRECT DOCUMENT AND THAT IT IS IN THE CORRECT FORMAT! This part is not worth any
points, but if you neglect to do so and submit an incorrect document in error, you will be
penalized a 25% point deduction IF you are allowed to re-submit. DO YOURSELF A FAVOR
AND TAKE THE TIME TO CHECK!