Project 4: Conduct Quantitative Analysis
Step 1: Refresh Your Math, Statistics and Excel Skills
Everyone will begin this project with different background skills in math, statistics and Excel. Let’s start by thinking about what it means to engage in quantitative processes and the role these skills play in this project.
Next, assess your cu
ent baseline by refreshing your skills in math, statistics, and Excel. You will choose how much you already know and where you need to concentrate more attention in order to complete this quantitative analysis project.
After this refresher, you will create a spreadsheet based on the template provided in the next step.
If you need help outside the classroom, register for the STAT 689 tutoring room (go to the Project 4 Discussion for registration information) in which you can access tutoring help and other resources to complete this project successfully. Help is free and immediate.
Step 2: Set Up Your Spreadsheet
Now that you’ve assessed and refreshed these important skills, you’re ready to begin. First download the Excel template and use it to set up your spreadsheet. This step has you set up a basic view in preparation for the use of several tools.
After you’ve formatted and set up the basic view and saved it with your name, you’re ready to move to the next step and add data.
With the spreadsheet set up and saved with your last name, you're ready to add data. In Section 1 on the Data page, complete each column of the spreadsheet to a
ive at the desired calculations.
When you're ready, move on to the next step, where you will use functions to summarize the data.
Step 4: Use Functions to Summarize the Data
With the data built, you are ready to start using tools to summarize the data, using Countif and the Sum function to do the math. In this step, you'll begin to see patterns in the data and the story of the workforce.
Take a
eather here if you need it. You should strive to work through the first four steps this week. Check in with your instructor.
With this step complete, you’re ready to begin your analysis.
Step 5: Analyze the Workforce
You’ve summarized the data. Next, you will employ descriptive or summary statistics to analyze the workforce. Your summary tables described "how many." Now you will calculate mean, median, and mode for the categories of data, and derive the deviation, variance, and dispersion, and distribution. This is where it gets interesting.
You will be working in Section 3 of the Data tab in the spreadsheet to complete the descriptive statistics for the five categories (Salary, Hourly Rate, Years of Service, Education, and Age). Using Excel formulas, complete the table.
After you have used Excel formulas to find this information, you will next use the Toolpak to find summary statistics.
With the data set built, you will now use the Analysis Toolpak to do those same functions. This is a handy feature to know. Remember that there may be some minor differences in the answers depending on the version.
You should now have Tab 2 complete: Excel Summary Stats. Next, you’ll create charts and a histogram for Tabs 3 and 4.
Step 7: Create Charts and a Histogram
Where would we be without the ability to view data in charts? It is sometimes easier to grasp the context of data if it is captured in an image. In this step, you will work with data to create charts, adding a tab for charts, and another for a histogram.
In this step, you will build Tab 3: Graphs—Charts and Tab 4: Histogram. After you complete these tabs, you’ll be ready to sort the data.
Step 8: Copy and Sort the Data
You’ve accomplished a lot with the data set, summary stats, charts, and histograms. Another skill you’ll need to be able to do is sorting data in an Excel worksheet for reporting purposes. You’ll copy the data so that you can learn how to sort it. This is a good skill that applies to any Excel application.
In this step, you will create Tab 5: Sorted Data. When you’re finished, you’ll be ready to conduct a quantitative analysis.
See below for example of a sorted spreadsheet.
Used with permission from Microsoft.
Step 9: Conduct Quantitative Analysis
In this step, your hard work bears fruit. What does it all mean? Think back to your boss's reasons for tasking you with this project. Bring your powers of analysis to bear to determine what the data may be telling you. Apply your quantitative reasoning skills to answer five questions that demonstrate your interpretation of the data. The questions are located on the QR Questions_Responses tab in your workbook.
After answering the five questions, finish the project by writing a short essay. The essay will include:
· a one-paragraph na
ative summary of your findings, describing patterns of interest
· an explanation of the potential relevance of such patterns
· a description of how you would investigate further to determine if your results could be perceived as good or bad for the company.
Prepare your responses in your workbook on the QR Questions_Responses tab.
Good job! In the next step, you’ll submit the workbook and analysis.
Add Data
In Section 1 on the Data page, complete each column of the spreadsheet to a
ive at the desired calculations. Use Excel formulas to demonstrate that you can perform the calculations in Excel. Remember, a cell address is the combination of a column and a row. For example, C11 refers to Column C, Row 11 in a spreadsheet.
Reminder: Occasionally in Excel, you will create an unintentional circular reference. This means that within a formula in a cell, you directly or indirectly refe
ed to (back to) the cell. For example, while entering a formula in A3, you enter =A1+A2+A3. This is not co
ect and will result in an e
or. Excel allows you to remove or allow these references.
Hint: Another helpful feature in Excel is Paste Special. Mastering this feature allows you to copy and paste all elements of a cell, or just select elements like the formula, the value or the formatting.
"Names" are a way to define cells and ranges in your spreadsheet and can be used in formulas. For review and refresh, see the resources for Create Complex Formulas and Work with Functions.
Ready to Begin?
1. To calculate hourly rate, you will use the annual hourly rate already computed in Excel, which is 2080. This is the number most often used in annual salary calculations based on full time, 40 hours per week, 52 weeks per year. In E11 (or the first cell in the Hrly Rate column), create a formula that calculates the hourly rate for each employee by referencing the employee’s salary in Column D, divided by the value of annual hours, 2080. To do this, you will create a simple formula: =D11/2080. Complete the calculations for the remainder of Column E. If you don’t want to do this cell by cell, you can create a new formula that will let you use that same formula all the way to the end of the column. It would look like this: =$D$11:$D$382/2080.
2. In Column F, calculate the number of years worked for each employee by creating a formula that incorporates the date in cell F9 and demonstrates your understanding of relative and absolute cells in Excel. For this, you will need a formula that can compute absolute values to determine years of service. You could do this longhand, but it would take a long time. So, try the YEARFRAC formula, which computes the number of years (and even rounds). Once you start the formula in Excel, the element will appear to guide you. You need to know the “ending” date (F9) and the hiring date (B11). The formula looks like this: =YEARFRAC($F$9,B11), and the $ will repeat the formula calculation down the column as before if you grab the edge of the cell and drag it to the bottom of the column.
3. To determine if an employee is vested or not In Column I, use an IF statement to flag with a "Yes" any employees who have been employed 10 years or more. Here is how an IF statement works: =IF(X is greater (or less than) Y, “Answer”, IF not, “Answer”). To create this as a formula, it would look like this: =IF(F11>=10,"Yes","No"). You can drag this formula down the column, or highlight the starting cell, hold down the Shift key, and zip down to cell 382 and release, and the whole column should compute properly.
4. Using the VLookup function, use the Region Key located at F417:G420 to fill in the cells in Column N to identify the region in which the employee is located based on the state listed in Column M. (If this function is new to you— hang in there—this one is worth it.
VLOOKUP requires that you tell Excel where to look for the information. =VLOOKUP(Cell value to look up, From:To, Position, Alternate answer?) Go to the data first:
Snip is used by courtesy of Microsoft.
You will devise a formula that will match the state to a region (in position 2). We will use the $ function to enable a repeat of the formula down the column. =VLOOKUP(M11,$F$417:$G$420,2,FALSE).
To view videos that explain these formulas, refer back to Step 1 under the link titled Access Tutoring Help and Other Resources. The videos were created for another course but pertain to this same data set.
Remember: if you have any questions, ask!
Resources
· Paste Special Options in Excel
· Remove or Allow a Circular Reference
· Data Presentations
· Excel Tutorials: Formulas and Functions
· Interpreting Statistics
Summarize the Data
You are now ready to move into Section 2 to prepare the data for future analysis, to include simple statistical analyses and charts and graphs to present the data. To start, begin by presenting categories of data in summary tables and counting them, totaling them, and calculating percentages. This basic analysis helps you begin to describe patterns in the data and starts to form the story of the workforce.
Complete each table in Section 2. Use the Countif Function to count each item in each table. Use the Sum Function to total the tables when required. Calculate percentages for each table as required. Format cells appropriately. Remember to make smart use of reference cells in formulas (avoid typing in numbers or text into formulas—point to other cells) and use mixed and fixed cell references to make copying formulas easie
faster. Your supervisor will look for this!
Used with permission from Microsoft.
Consult the Resources section below for more information and links regarding this topic.
Resources
· Countif Function
· Sum Function
Analysis Toolpak
The steps you just followed enabled you to calculate descriptive statistics using individual Excel functions. Did you know that you can generate the same descriptive statistics in one easy step?
1. First, make sure you have enabled