Statistics and Excel 2 Questions
Statistics and Excel 2 Questions1. Describe ways in which the use of MS Excel as a tool for interpreting data can be used by a manager of an organization.
Many tools of MS Excel are available to analyze statistical data beyond the basic statistical analysis. Such tools include regression analysis, simulations, control charts, summaries, and forecasting. Other important data that can be obtained using the expanded MS Excel financial functions is performance level calculations, principle payment calculation, depreciation of an asset, interest payment on investment, present value of investment, calculation of interest rate over time, annual duration of the security, current and future rates of investment, and amortization. The logical functions help calculation based on the requirements such as if, or, and, true and false. MS Excel also has an integration that allows to import information stored in COM applications. MS Excel also has a series of arithmetic and geometric functions. Additionally, MS Excel has a number of functions for engineering applications such as Bessel functions, binary and hexadecimal. Other functions include correlation, covariance, sum of squares, exponential means, permutations, quartiles, Student’s t-distribution, z test , and others.
The manager can effectively utilize these tools in interpretation of data sets and creating queries without using MS Access. The manager can effectively calculate all the needed statistics without having to go through extensive calculations. By using Data Analysis, the manager can calculate the statistical data and test the statistics for significance with a few pushes of the button.
MS Excel is integrated with MS Access and the data can be kept in both database and excel formats.
2. What potential legal and ethical issues could arise if the information gained in this survey was used to create an ideal profile of characteristics that the company looked for when hiring employees?
It is impossible to create an ideal profile of...