Grouped Descriptive Statistics [14 marks]
It was suggested to the retailer that the 130 transaction values could also be summarized in a grouped table. Three table templates based on Table 2 have been made available in the Excel file named “MN4063 Autumn CWK 1 Data” under the tab labelled Task 2. Table 2 – Grouped Descriptive Statistics Required for Task 2 .
1. Using the three table templates provided in the Excel data file as a starting point, construct three tables in Excel. The first table should show the frequencies and percentage frequencies. The second table should show the ‘less than’ cumulative frequencies and cumulative percentage frequencies. Complete the third table to estimate the mean and standard deviation. You need to copy the Excel output into your Word document.
2. Compare the grouped data mean and standard deviation values to the regrouped data mean and standard deviation calculated under task 1. Why are the values different and which findings are more accurate; the grouped or grouped statistics? Justify your answer.
3. With reference to fig. 1 below, comment on the estimated minimum amount a consumer needs to spend on a stand mixer to belong to the top 25% in terms of expenditure.
