Business and Operations Management Quantitive Analysis Techniques

QUANTITATIVE ANALYSIS TECHNIQUES

1.1 Steps I will take to make comparisons for my two data sets:

Once I get given my two sets of data I will use Microsoft excel to write down all the data numbers and then sort them all into numerical order. I then plan to arrange the data into measure of dispersion and measures of location. Using measures of location I plan to show the median mode and mean in a table.

* The median which is the middle value number to do this I will highlight all data needed and use the median function.

* The mode which is the most occurring value to find this I will use the mode function after I have highlighted all the data needed.

* To get the mean value I will highlight the data needed and use the average function. I will do these procedures for data set A and data set B individually and then the average for both sets.

After I have completed the measures of location I will then calculate the measures of dispersion. The measures I will use will be standard deviation, rand and inter-quartile range.

* To determine the standard deviation for my set of data I will use Excel's built-in STDEV function, to show this further and to make it look clearer, I will produce a graph which will show a bell shaped curve.

* The range is the most obvious measure of dispersion and is the difference between the lowest and highest values in a dataset, to find the range I will use the max-min function.

* The inter-quartile range is a measure that indicates the extent to which the central 50% of values within the dataset are dispersed. It is based upon, and related to, the median. I will use the quartile function to calculate the lower and higher quartiles and then using both quartiles I will find the range I will show this also using a graph.

Finally I will then produce a histogram to show the comparisons between the two sets of data.

1.2 see appendix 1

1.3 You should apply these data sets to a relevant context and include this...