15) A firm is colle Below is a summary of questions. Be sure to cite specific st

Question

15) A firm is colle Below is a summary of questions. Be sure to cite specific statistics from the Excel output. cting data on the costs associated with it's past 100 projects. the data collected. Use the summary to answer the Cost, S Mean Standard Error Median Mode 699400 17552.57614 699000 671000 Standard Deviation 175525.7614 Sample Variance 30809292929 21.13925451 2.177683751 1767000 100000 1867000 Kurtosis Skewness Range Minimunm Maximum Sum Count 69940000 100 a. Are there outliers in this data set? Cite specific statistics and show mathematically. b. What type of graph could be used to detect outliers?

Explanation / Answer

(a)

Mean is :

Mean = 699400

Median is :

Median = 699000

Skewness: 2.178

Kurtosis: 21.139

Since mean is greatre than medain so distribution is not symmetric. Skewness coeffcient also shows that distribution is skewed to right.

Kutosis is high which shows the distribution has long right tail. So, distribution has high outliers.

(b)

Box plot

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