Chapter 3 � End of Chapter Project

Chapter 3 � End of Chapter Project - The standard...

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Wayne Kocher GBS 221 – Lewis 9-6-10 Chapter 3 – End of Chapter Project Statistical Summary Local Tuition Foreign Tuition Mean 11297.725 15555.075 Median 10650 15500 Range 24300 31060 Variance 42689260.4096 67831203.2506 Standard Deviation 6533.7019 8235.9701 Skewness 0.2974 0.0201 # Within +-1 S.D. 26 29 # Outside +-1 S.D. 12 8 # Outside +-2 S.D. 2 3 After reviewing the data provided for forty Asia-Pacific business schools, several differences became apparent. First, it seems much wiser moneywise to go to school locally; on average, a student will save $4257.35. Also, the median foreign tuition cost is $4850 higher than the local, which further supports going to school locally. Since the smallest tuition cost between going to school locally and abroad is $2000, the range only tells us that the most expensive foreign school is $6760 more than the most expensive local school. Variance by itself only shows us the variability in tuition costs,
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with foreign having the greater of the two.
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Unformatted text preview: The standard deviation statistic is interesting, though. The standard deviation for local and foreign tuition costs are $6533.7019 and $8235.9701, respectively; this tells us that the average distance from the mean of local tuition costs is closer than that of foreign tuition costs. Although local tuition costs are more positively skewed than foreign tuition costs, the difference is not enough to make any conclusions. Also, all data for both types of tuition costs fell within +-3 standard deviations, but I would take a further look at the costs that were +2 standard deviations. Although this data is useful, it is only a single statistic about our sample. To make any real conclusions, like how tuition costs relate to starting salary upon graduation, we would need additional categories of data. This data is only useful if someone is deciding to go to school locally or abroad based on money alone....
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Chapter 3 � End of Chapter Project - The standard...

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