1) Determine if any of the monthly revenue values is a statistical outlier to the data set

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1) Determine if any of the monthly revenue values is a statistical outlier to the data set.

 

1. [III] Select a statistical procedure to determine if the set of gross income figure contains

an  outlier.    What procedure did you select?     

 

 

1.  [III] What did you decide about an outlier in the data set?     

 

1. [III]  If you found an outlier, should that value be included in projection calculations?   No, because not including the outlier helps the projection calculations look better.                                                                    

 

1.  [I] Enter the 5-number summary for the income data set.   

Min:  _7090________          

Q1:    ______7729___     

Median: ________8510_        

Q3: ____9270______      

Max: ­­­­­  ____9720____   

 

1. [I] Is there a Mode in the data set?  This data set does not have a Mode.    

 

1.  [I] Compute the Mean of the income data set.  

 

2.  You now have the mean and the 5-number summary. 

 

1. [III] If you were to use one of these six statistics [5-number summary and mean] to predict the October gross revenue, which one would you use?  

 

1. [II]  And  why?    Because it's the prior month's revenue and can be used in predicting October's gross revenue based off the calculations.