i. (20 pts;10 pts for part \'a\';5 pts for b\' and \'e) For the following questi
ID: 3068918 • Letter: I
Question
i. (20 pts;10 pts for part 'a';5 pts for b' and 'e) For the following questions, refer to For the following questions, refer to the bar charts below Amount Invested In Raw Materials Value of Sales of Finished Goods 700 600 500 525 600 500 400 300 200 100 460 375 400 330 S 300 120 100 2010 2011 2012 2013 2014 2015 Years 2010 2011 2012 2013 2014 2015 Years a) According to the data, write a brief statement that describes both the measures of central tendencies and variation in the data for amount invested in raw materials and value of sales of finished goods. Be complete in your answer 6 b) What was the difference between the average amount invested in Raw materials during the given period and the average value of sales of finished goods during this period? In which year was the difference between the value of sales of finished goods and the amount invested in materials the highest? raw c)Explanation / Answer
a.
Variable Mean StDev Median IQR
Amount Invested in raw m 332.5 143.7 352.5 247.5
Value of sales of finish 410.0 143.5 430.0 250.0
Here the measure of central tendencies are mean and median (we can't compute mode here, because frequency of the observations under each data sets are equal.)
Therefore, the measure of central tendency for Amount Invested in raw material,
mean=$332.5x1000=$332500, Median=$143.7x1000=$143700
Measure of variation for Amount Invested in raw material,
Standard deviation=$332.5x1000=$332500
Inter quartile range=$247.5x1000=$247500
Therefore, the measure of central tendency for value of sales of finished goods,
mean=$410.0x1000=$410000, Median=$430.0x1000=$430000
Measure of variation for value of sales of finished goods,
Standard deviation=$143.5x1000=$143500
Inter quartile range=$250.0x1000=$250000
(b)
Difference between the average amount invested in raw materials during the given period and average value of sales of finished goods during this period=
Year Difference
2010 -80
2011 -75
2012 -125
2013 -70
2014 -75
2015 -40
(c) 2012
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