QBM__501_Assignment_2.doc - Quantitative Methods for...

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Quantitative Methods for Decision MakingAssignment 2QMB 501By Dr.Samuel G, WaldronStudent Name: Zakaria ZerzoufQ.1. Some data are given as:Student No.Mid Term ExamGrdFinal Exam Grade1657426873371714758057583685857889089594997991010098a.Sketch scatterplot.
Q.2.For which of these variables the median is a better measure of centraltendency (average) than the mean:
We should use the median in this case since it won’t be affected by unusuallyhigh or low values in this series of rental prices.Customer satisfactionCustomer satisfaction data do not fall under a normal curve or distribution, andthe customer satisfaction mean can be affected by outliners.Earnings of S&P500 companiesSince S&P500 companies operates in a wide range of sectors includingindustrials, health care, information technology, utilities, and so on, they mighthave also a wide range in regards of the earnings. Thus, there will be outliers ina sense some companies might earn much more than others. Therefore, the idealis to use the median.Age of employees at a large companyIn this case the median can give us a clear vision of what the age distribution.Let’s draw an example, when we find a media age of employees equals to 28,we can automatically conclude that half the employees is older than 28,however, if the mean is 28, it could be influenced by a large employees age of45 (in some large companies), for example, or perhaps a population gap in someage range.Final grades of 25 students in a statistics courseThe median could be useful in calculating the average grade of 25 students. Itwill tell us that 50% of student final grade is equals to the median or higher and50% of student final grade is lower than the median, which I think can help theclass assessment. But the median, could also be a good measure of calculatingthe final grades of a class.Themedianisusually preferredtoothermeasuresof centraltendencywhen

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