Statistics Concepts and Descriptive Measures for Consumer Data Set

For each column, identify whether the data is qualitative or quantitative

I would qualify data in columns A, B and C is quantitative in nature. Quantitative data is any data that can be quantified or measured and expressed as a number. In this data set, values of annual food spending, annual household income and non mortgage household debt are quantitative data. On the other hand, qualitative data cannot be expressed as a number. Data in column D and E is thus qualitative in nature because region and direction cannot be quantified.

Identify the level of measurement for the data in each column.

The level of measurement of data is used to determine the type of statistics which are meaningful. Data in column D and E is nominal in nature. This is because these are categorical data only can only be categorized using names or labels. For direction and region, all mathematical operations are meaningless. On the other hand, annual food spending, annual household income and non mortgage household debt are ratio level data.

For each column containing quantitative data:

◦Evaluate the mean and median

◦Interpret the mean and median in plain non-technical terms

The mean for annual food spending, annual household income and non mortgage household debt is 8966, 55552 and 15604 respectively. On the other hand, the median for annual food spending, annual household income and non mortgage household debt is 8932, 54957 and 16100 respectively. When all the values are added and divided by the number of the values, the average is the mean. When the values are arranged from the least to the largest, the values in the middle will be the median.

For each column containing quantitative data:

◦Evaluate the standard deviation and range

◦Interpret the standard deviation and range in plain non-technical terms

The standard deviation for annual food spending, annual household income and non mortgage household debt is 3125.007986, 14661.36006 and 8583.539127 respectively. On the other hand, the range for annual food spending, annual household income and non mortgage household debt is 15153, 74486 and 36374 respectively. The standard deviation is the measure of how the individual values spread out from the average. On the other hand, range is the difference between the maximum and minimum values of any given column.