For these project assignments throughout the course you will need to reference the data in the ROI Excel spreadheet. Download it here.
Using the ROI data set:
- For each of the 2 majors calculate the mean, median, minimum, maximum, range, and standard deviation for the columns ‘Cost’ and ’30-Year ROI’.
- Define each of the terms in #1, and explain how each can be used to provide information about a data set.
- By hand or with Excel, for each of the 2 majors calculate the probability that a college picked from the column for ‘School Type’ is ‘Private’.
- By hand or with Excel, 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.
- This is your highlighted box for your project: Use the definitions and explanations in #2 to analyze the data. What have you learned about the data set of each major? What does it mean if there is a greater range in terms of ROI? What does it mean if there is a greater standard deviation in terms of ROI? How do minimum and maximum factor into the question? Which major is looking like it has the better ROI right now? Why?