Assignment #1: Descriptive Statistics Data Analysis Before conducting any statistical analyses, researchers develop a plan for how they will obtain and analyze data to answer their research question. The purpose of this assignment is to provide experience working with and executing a descriptive statistics analysis plan using real world data to answer a practical question. In the first assignment you will execute the descriptive analysis plan using the provided data to create tables and graphs to focus your effort in determining a point estimate of the parameter in question. The second assignment, address Inferential Statistics, expanding the analysis of first assignment to include a confidence interval to the point estimate obtained in Assignment 1. Assignment Plan Identify 7 Subjects with similar attributes of your client and determine their average expenditures. Upon request and instructor approval you may use a profile of your choice. Understanding the task to be addressed: You are a Financial Advisor and have been asked to perform the following task: Using provided real world data determine the budgetary annual expenditure your client should anticipate, assuming your client has the following social/economic family profile. Profile: Family Income Marital Status Family Size Age $97,000.00 Single Four (4) Fifty-Three (53) Project Approach Identify 7 Subjects with attributes similar too your clients and determine their average expenditures. The average expenditures will be the point estimate Similar attributes: salary, marital status, family size and age Step #1: Review the provided random sample data set. The data provided is a subsample from the US Department of Labor's Consumer Expenditure Surveys (CE) and provides information about the composition of households and their annual expenditures (https://www.bls.gov/cex/). Detailed information on the sample and variables is included with the data set file; please carefully review this information to familiarize yourself with the data. For your convenience the data set is also provided in an Excel spreadsheet. Note: This data set will be used for both written assignments. Step #2: Complete the following Table Variable Categorize* Minimu m Maximum Mean Shape ** Outliers*** Income Age Family Size Annual Expenditures * Abbreviations: Qual. for Qualitative data (categorical), Quant for Quantitative data ** Left, Right, Symmetrical (Sym.) *** Identify outliers by Id number or 0 Step 3: Graphs (Dot plot, Histogram and a Box and Whisker plot) for the following variables Income vs Marital Status Annual Expenditures vs Income Describe at least one important characteristic observed from each group of graphs. Recommend-lock5stat.com-Statkey for graphing-and MS Snipping tool for pasting . Step 4 Based upon the data provided: Provide 7 or more subjects that best represent your client's social/economic lifestyle. If one or more of the 7 recommended subjects is a 'push', a possible outlier, identify the outlier or outliers by placing a * in the Outlier column. Id # of Subject Chosen Marital Status Step 5 Income Family size Age Outlier Explain in bullet form, in a clear and orderly procedure: the method used (in step format) for determining your recommended list of subjects. Step 6 Point Estimate Recommendation: Based upon your analysis what do you believe the Annual Expenditures of your Client will be. Dataset for Written Assignments Description of Dataset: The data is a random sample from the US Department of Labor's 2016 Consumer Expenditure Surveys (CE) and provides information about the composition of households and their annual expenditures (https://www.bls.gov/cex/). It contains information from 30 households, where a survey responder provided the requested information; it is all self-reported information. This dataset contains four socioeconomic variables (whose names start with SE) and four expenditure variables (whose names start with USD). Description of Variables/Data Dictionary: The following table is a data dictionary that describes the variables and their locations in this dataset (Note: Dataset is on second page of this document): Variable Name Location in Dataset Variable Description Coding UniqueID# First Column Unique number used to identify each survey responder Each responder has a unique number from 1-30 SE-MaritalStatus SE-Income SE-AgeHeadHousehold SE-FamilySize Second Column Third Column Fourth Column Fifth Column Not Married/Married Amount in US Dollars Age in Years Number of People in Family USD-Annual Expenditures USD-Housing USD-Electricity USD-Water Sixth Column Seventh Column Eighth Column Ninth Column Marital Status of Head of Household Annual Household Income Age of the Head of Household Total Number of People in Family (Both Adults and Children) Total Amount of Annual Expenditures Total Amount of Annual Expenditure on Housing Total Amount of Annual Expenditure on Electricity Total Amount of Annual Expenditure on Water Amount in US Dollars Amount in US Dollars Amount in US Dollars Amount in US Dollars How to read the data set: Each row contains information from one household. For instance, the first row of the dataset starting on the next page shows us that: the head of household is not married and is 59 years old, has an annual household income of $94,929, a family size of 2, annual expenditures of $55,247, and spends $18,483 on housing, $1,451 on electricity, and $546 on water. UniqueID# 1 SE-MaritalStatus Not Married SE-income SE-AgeHeadHousehold SE-FamilySize USD-Annual Expenditures USD-Housing USD-Electricity USD-Water 94929 59 2 55247 18483 1451 546 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married 96621 96664 96522 96697 96727 94867 96690 97469 96886 95744 96572 95366 97912 96928 114051 106627 109312 103144 111195 112559 97835 100693 95385 100350 95922 96207 97663 100565 97977 54 53 43 49 39 60 57 35 44 52 59 48 49 43 42 56 37 29 30 39 30 42 50 31 55 27 51 18 44 2 3 4 2 2 1 2 4 2 4 2 2 1 3 5 3 6 5 5 3 5 2 4 5 3 3 3 3 2 55746 55558 56152 56453 56440 55512 56097 54929 55321 55963 56515 57082 55704 55932 84486 82676 80801 75393 80865 80934 77765 73294 74110 73771 72228 74620 72971 69203 73198 18149 18502 18483 18520 18376 18633 18334 18514 18312 18435 18648 18576 18619 18701 25728 22414 25392 26322 25018 25531 27949 26102 22847 26853 22996 28491 23150 27950 22990 1455 1478 1457 1469 1441 1485 1453 1451 1450 1465 1480 1478 1450 1479 1452 1688 1514 1386 1481 1504 1297 1354 1302 1405 1326 1310 1320 1358 1298 540 553 537 545 542 523 535 565 523 555 552 538 553 520 818 709 743 626 796 794 641 597 684 585 674 588 689 626 696 2020 Stat 200 4055 Summer Unique ID # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 SE-Marital Status SE-income SE-Age Head of Household SE-FamilySize USD-AnnualExpenditures Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married 94929 96621 96664 96522 96697 96727 94867 96690 97469 96886 95744 96572 95366 97912 96928 114051 106627 109312 103144 111195 112559 97835 100693 95385 100350 95922 96207 97663 100565 97977 59 54 53 43 49 39 60 57 35 44 52 59 48 49 43 42 56 37 29 30 39 30 42 50 31 55 27 51 18 44 2 2 3 4 2 2 1 2 4 2 4 2 2 1 3 5 3 6 5 5 3 5 2 4 5 3 3 3 3 2 55247 55746 55558 56152 56453 56440 55512 56097 54929 55321 55963 56515 57082 55704 55932 84486 82676 80801 75393 80865 80934 77765 73294 74110 73771 72228 74620 72971 69203 73198 USD-Housing USD-Electricity USD-Water 18483 18149 18502 18483 18520 18376 18633 18334 18514 18312 18435 18648 18576 18619 18701 25728 22414 25392 26322 25018 25531 27949 26102 22847 26853 22996 28491 23150 27950 22990 1451 1455 1478 1457 1469 1441 1485 1453 1451 1450 1465 1480 1478 1450 1479 1452 1688 1514 1386 1481 1504 1297 1354 1302 1405 1326 1310 1320 1358 1298 546 540 553 537 545 542 523 535 565 523 555 552 538 553 520 818 709 743 626 796 794 641 597 684 585 674 588 689 626 696 2020 Stat 200 4055 Summer Unique ID # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 SE-Marital Status Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married SE-income 94929 96621 96664 96522 96697 96727 94867 96690 97469 96886 95744 96572 95366 97912 96928 114051 106627 109312 103144 111195 112559 97835 100693 95385 100350 95922 96207 97663 100565 97977 SE-Age Head of Household 59 54 53 43 49 39 60 57 35 44 52 59 48 49 43 42 56 37 29 30 39 30 42 50 31 55 27 51 18 44 SE-FamilySize 2 2 3 4 2 2 1 2 4 2 4 2 2 1 3 5 3 6 5 5 3 5 2 4 5 3 3 3 3 2 USD-AnnualExpenditures USD-Housing 55247 18483 55746 18149 55558 18502 56152 18483 56453 18520 56440 18376 55512 18633 56097 18334 54929 18514 55321 18312 55963 18435 56515 18648 57082 18576 55704 18619 55932 18701 84486 25728 82676 22414 80801 25392 75393 26322 80865 25018 80934 25531 77765 27949 73294 26102 74110 22847 73771 26853 72228 22996 74620 28491 72971 23150 69203 27950 73198 22990 USD-Electricity 1451 1455 1478 1457 1469 1441 1485 1453 1451 1450 1465 1480 1478 1450 1479 1452 1688 1514 1386 1481 1504 1297 1354 1302 1405 1326 1310 1320 1358 1298 USD-Water 546 540 553 537 545 542 523 535 565 523 555 552 538 553 520 818 709 743 626 796 794 641 597 684 585 674 588 689 626 696 Unique ID # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 SE-Marital Status Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Not Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married Married SE-income 94929 96621 96664 96522 96697 96727 94867 96690 97469 96886 95744 96572 95366 97912 96928 114051 106627 109312 103144 111195 112559 97835 100693 95385 100350 95922 96207 97663 100565 97977 Unique ID # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 SE-income 94929 96621 96664 96522 96697 96727 94867 96690 97469 96886 95744 96572 95366 97912 96928 114051 106627 109312 103144 111195 112559 97835 100693 95385 100350 95922 96207 97663 100565 97977 USD-AnnualExpenditures 55247 55746 55558 56152 56453 56440 55512 56097 54929 55321 55963 56515 57082 55704 55932 84486 82676 80801 75393 80865 80934 77765 73294 74110 73771 72228 74620 72971 69203 73198