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Stats Lab 3

The document provides instructions for Lab 3, which asks students to analyze data on 50 requests for price quotes from a manufacturer. Specifically, it asks students to: 1. Calculate the quartiles and interquartile range for the variable "time" and present them in a table. The results were: Quartile 1: 3.362, Quartile 2: 5.115, Quartile 3: 7.53, Interquartile Range: 4.168. 2. Interpret the results of the 3 quartiles in the context of investigating whether long quote processing times were causing the firm to lose profitable orders. The interpretations provided were: Quartile 1 shows the average of the lower half of data. Quartile

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94 views

Stats Lab 3

The document provides instructions for Lab 3, which asks students to analyze data on 50 requests for price quotes from a manufacturer. Specifically, it asks students to: 1. Calculate the quartiles and interquartile range for the variable "time" and present them in a table. The results were: Quartile 1: 3.362, Quartile 2: 5.115, Quartile 3: 7.53, Interquartile Range: 4.168. 2. Interpret the results of the 3 quartiles in the context of investigating whether long quote processing times were causing the firm to lose profitable orders. The interpretations provided were: Quartile 1 shows the average of the lower half of data. Quartile

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© © All Rights Reserved
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STAT 200

Lab 3
Give: 02/23/2017 Due Date: 03/02/2017
Student Name: Kyrsten Enseki
Group No: 3
Total Points: ___________/27

INSTRUCTIONS: Read the question carefully and provide your answers under each question.
All answers MUST be TYPED. Handwritten answers, late reports and soft copies will not be accepted
and will automatically receive a score of zero. All your tables must be presented in an organized and
presentable manner in order to receive full points. Tables must be numbered (eg. Table 1, Table 2 etc)

A manufacturer of industrial wheels suspects that profitable orders are being lost because of the long time
the firm takes to develop price quotes for potential customers. To investigate this possibility, 50 requests
for price quotes were randomly selected from the set of all quotes made last year, and the processing time
was determined for each quote. The processing times data is stored in PRICEQUOTES file in the Class
examples data folder. Each quote was classified according to whether the order was lost or not (i.e.,
whether or not the customer placed an order after receiving a price quote). Using MINITAB, calculate the
following measures of relative standing for the variable time
I. The 3 quartiles and the interquartile range (Present all the four
values in one table and label the quartiles as Quartile 1, Quartile 2, Quartile 3) (12
points)

Table 1: Quartiles and


Range of 50 Requests for
Price Quotes

Quartile 1 3.362

Quartile 2 5.115

Quartile 3 7.53

Interquartile 4.168
Range

II. Interpret the results of the 3 quartiles within the context of the
question (15 points)
i. Quartile 1: Quartile 1 shows that the median of the
first half of data was 3.362, meaning that this is the average of the lower
half of demand.
ii. Quartile 2: The median of the entire set of data is
5.115, meaning that 50% was about 5.115 and 50% was below 5.115
iii. Quartile 3: Quartile 3 shows that the median of the
third half of data was 7.53, meaning that this is the average of the upper
half of demand.

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