Using the ROI data set:
In Excel, for each of the 2 majors calculate the mean, median, minimum, maximum, range, and standard deviation for the columns ‘Cost’ and ’30-Year ROI’. Make sure to use the standard deviation of the sample. (You will see an S in the Excel formula – Don’t pick the P – that’s the population)
For each of the 2 majors find the probability that a college with the ‘School Type’ ‘Private’ has a ’30-Year ROI’ between $1,500,000 and $1,800,000.
Interpretation questions. (Remember the scenario – you are helping a student choose a major based on which gives the better ROI. Put this part in a Word document ) Put these responses into one paragraph that you can use in your paper in Week 8.
1. You looked at mean and median. Do you want these numbers to be high or low in terms of Cost? Which major has the better cost?
2. You looked at mean and median. Do you want these numbers to be high or low in terms of 30-year ROI? Which major has the better 30-year ROI?
3. You looked at range and standard deviation. Is it better to have smaller ranges and standard deviations when trying to predict or larger ranges and standard deviations when trying to predict? Why? Which major has a better range/standard deviation in terms of prediction?
4. Can you say that from these samples of 20 schools, that ALL schools will be in alignment with what this data is showing? Why or why not?