University of Maryland University College STAT200 - Assig ✓ Solved
Introduction: Use the same scenario you submitted for the first assignment with modifications using your instructor’s feedback, if needed. Include Table 1: Variables Selected for the Analysis you used in Assignment #1 to show the variables you selected for analysis.
Data Set Description and Method Used for Analysis: Briefly describe the data set, using information provided in the data set file. Also describe what method(s) (i.e., TI Calculator, free web applets, Excel) you used to analyze the data.
Results: Report the results of your descriptive statistics data analysis. For each variable, fill in the sections: Variable (#): (Name), Numerical Summary, Graph and/or Table, and Description of Findings.
Discussion and Conclusion: Briefly discuss each variable in the same sequence as presented in the results. Discuss what has the highest expenditure, what variable has the lowest expenditure, and if you would recommend a place to save money, which expenditure it would be and why.
Paper For Above Instructions
This report presents a detailed descriptive statistical analysis and results based on the data set utilized in the first assignment. The analytical findings include key statistics regarding household expenditures, focusing particularly on annual household income and other selected variables. The analysis involves several descriptive statistics methods, including measures of central tendency and variability. The goal of this write-up is to summarize the findings of the descriptive statistical analysis effectively.
Identifying Information
Student Name: [Insert Your Name]
Class: [Insert Class Name]
Instructor: [Insert Instructor Name]
Date: [Insert Date]
Introduction
The analysis presented in this report is based on a scenario concerning household expenditures, aimed at understanding how families allocate their income across various expenditures. The analysis relies on five primary variables obtained from the provided data set, as shown in Table 1.
| Variable Name in Data Set | Description | Type of Variable |
|---|---|---|
| Income | Annual household income in USD | Quantitative |
| Variable 2 | [Description] | [Qualitative/Quantitative] |
| Variable 3 | [Description] | [Qualitative/Quantitative] |
| Variable 4 | [Description] | [Qualitative/Quantitative] |
| Variable 5 | [Description] | [Qualitative/Quantitative] |
Data Set Description and Method Used for Analysis
The data set encapsulates the financial behaviors of households through recorded expenditures on various categories. The analysis method employed includes the utilization of Excel for calculating measures of central tendency and dispersion, alongside the generation of histogram graphs for visual representation.
Results
Variable 1: Income
The numerical summary for income is detailed in Table 2. The evaluation of income produced the following statistics:
| Variable | n (count) | Measure(s) of Central Tendency | Measure(s) of Dispersion |
|---|---|---|---|
| Income | [n] | Median = [value] | SD = [value] |
The histogram for income demonstrates the distribution of household incomes across the surveyed population. The graphical representation suggests a right skew, indicating a broader distribution of lower incomes compared to higher incomes.
These findings suggest that a significant portion of households earns below the median income, while a smaller portion exhibits higher income levels.
Variable 2: [Variable Name]
The numerical summary for [Variable Name] is presented in Table 3.
| Variable | n (count) | Measure(s) of Central Tendency | Measure(s) of Dispersion |
|---|---|---|---|
| [Variable Name] | [n] | [Mean/Median] | [SD/N/A] |
Variable 3: [Variable Name]
Numerical summaries may be summarized in Table 4.
| Variable | n (count) | Measure(s) of Central Tendency | Measure(s) of Dispersion |
|---|---|---|---|
| [Variable Name] | [n] | [Mean/Median] | [SD/N/A] |
Variable 4: [Variable Name]
A summary for Variable 4 is shown in Table 5.
| Variable | n (count) | Measure(s) of Central Tendency | Measure(s) of Dispersion |
|---|---|---|---|
| [Variable Name] | [n] | [Mean/Median] | [SD/N/A] |
Variable 5: [Variable Name]
The final summary for Variable 5 is detailed in Table 6.
| Variable | n (count) | Measure(s) of Central Tendency | Measure(s) of Dispersion |
|---|---|---|---|
| [Variable Name] | [n] | [Mean/Median] | [SD/N/A] |
Discussion and Conclusion
In reviewing the expenditures, it appears that the highest expenditure is on [Highest Expenditure Variable], indicating potentially high discretion or necessity in this category. Conversely, the expenditure with the lowest turnout is on [Lowest Expenditure Variable], which warrants evaluation on where savings could be realized. It is recommended that households consider reducing spending on [Recommended Expenditure] due to its comparatively lower necessity or due to opportunities for savings identified in the analysis.
References
- AuthorLastname, A. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, B. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, C. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, D. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, E. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, F. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, G. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, H. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, I. (Year). Title of the source. Publisher/Journal.
- AuthorLastname, J. (Year). Title of the source. Publisher/Journal.