Instruction
This week you will focus on some basic concepts in business math and statistics and complete several problems. For some of you this material will be a review. For others it may be entirely new material.
We aren't expecting to make statisticians out of you, but we do want to introduce statistics to you because you will be returning to it in later courses. We want you to focus on more than just whether you got the right answer. We are going to ask you to explain how you solved (or tried to solve) a problem so we are in a better position to help you to learn from any mistakes that you may make. The better you understand the material, the clearer your discussions will be. You can get a lot out this week's assignment if you put forth your best effort.
This week’s assignment is to complete Problem Set 1 (the link is in the syllabus in the week 4 section). There are 4 problems, each with multiple parts. ***For each problem, in addition to your answers, you must explain how you solved the problem and interpret your result.***
I suggest that you:
restate the problem you are solving,
explain the relevant terms that are mentioned in the problem statement,identify the equation/concept used to solve the problem,use the information given in the problem in your selected equation,clearly identify your answer (e.g., highlight it), and interpret your result (e.g., is it good? is it bad? why?).
Spreadsheets are good tools for solving this week'sproblems, but I prefer that you present your answers in a document (.rtf file) and post your Excel file containing the actual calculations as back-up.
An alternative is to create text boxes in your Excel file to contain the explanations on how you solved each problem. But if you use this method, remember to follow the formatting requirements for Excel files described in the syllabus.
Please ensure sure that you use only one Excel workbook for your calculations. You can create several worksheets or tabs (one per problem) within the one workbook.
All 4 questions need to be solved in the Excel file. You need to use the Excel functions (shown as fx on Excel toolbar) to do the calculations.