Conduct Quantitative Analysis for Acquisition and Contract Management Students:
Use mathematical operations and data analysis to solve problems and inform decision making. Using a method similar to the qualitative research process, you will identify an issue and use mathematical formulas or an analytic tool to derive a solution. You will construct graphs, charts, and tables as necessary to inform analysis and interpretation. You will evaluate the results, draw and validate analyses, and communicate key mathematical information.
Scenario
You recently met with your manager so that he could give you a new assignment. It turns out that your company’s competitors have been closing in on market share. Your manager explains that leadership needs to take a closer look at the composition of the workforce. He wants you to use your quantitative reasoning skills to analyze some important data. He tells you, “Your analysis will contribute to strategic decisions” as the leadership considers how best to position the company for expansion, growth, and a more agile response to fluctuating markets.
He’ll present this data to the company leaders at their quarterly strategic planning meeting. You know that you will need to use your statistical skills and technical skills to identify and manipulate the data. You’ll also need to draw relevant conclusions based on quantitative reasoning.
First, you sketch out a plan to review your skills in math, statistics, and Excel. Second, you’ll need to work through the data to produce supporting charts and graphs. Third, you’ll need to complete the analysis well before the due date.
Step 2: Opening and Saving an Excel Spreadsheet
In this step, you will be opening and saving an Excel spreadsheet. Choose and follow the instructions that correspond to the current program in which you are enrolled.
Step 3: Add Data
With your spreadsheet set up and saved with your last name, you’re ready to add data. In Section 1 on the Data page, complete each column of the spreadsheet to arrive at the desired calculations. See PRO Example For Add Data to Your Spreadsheet
When you’re ready, move on to the next step, in which you will use functions to summarize the data.
Take Note
Here’s a tip: If you want the formula to repeat down the column, put
C
C$1010. The value will be the cell location of the career. Give it a try in the tables in Section 2.
Step 4: Use Functions to Summarize the Data
n this step, you’ll begin to see patterns in the data that inform the story of the data table that you have prepared up to this point.See Summarize the Data.
With your data built, you are now ready to start using some tools to summarize the data, using Countif and the Sum function to do the math. In this step, you’ll begin to see patterns in the data and the story of the workforce.
Step 5: Add Information to Your Spreadsheet
You will expand your analysis by employing descriptive statistics, or summary statistics, using Excel formulas. Now you will calculate mean, median, and mode for the categories of data and derive the deviation, variance, dispersion, and distribution. Format all the results to two decimal places.
Your summary tables answer the question, “how many?” Now you will calculate mean, median, and mode for the categories of data, and derive the deviation, variance, and dispersion, and distribution. This is where it gets interesting!
You will be working in Section 3 of the Data tab in the spreadsheet to complete the descriptive statistics for the five categories (salary, hourly rate, years of service, education, and age). Using Excel formulas, complete the table.
Step 6: Use the Data Analysis Toolpak
Now that you have calculated descriptive statistics using individual Excel functions, we’ll look at another approach. Did you know that you can generate the same descriptive statistics in one easy step?
Now, you will use Excel’s built-in Analysis Toolpak, an add-in that allows you to work with statistics and confirm the answers of your summary statistics. It will help you to save time by performing various complex analyses based on your needs.
You will first need to make sure the toolpak is enabled. Feel free to references How to Enable Data Analysis Toolpak for assistance. When you have completed that process successfully, you will see the words “Data Analysis” or an icon on the top right corner on the Data tab. Select Data Analysis and then choose Descriptive Analysis from the list.
Note: There may be some minor differences in the answers depending on the version of Excel you are using. Mac users will need Excel 2016 or later to download the toolpak.
Then proceed to the instructions that match your current program to calculate the statistics using the toolpak:
Your data set is now built. You will use the same functions to perform descriptive analysis using the Analysis Toolpak. This is a handy feature to know. Remember that there may be some minor differences in the answers depending on the version you use.
Step 7: Create Visual Representations of the Data: Charts and Graphs
Where would we be without the ability to view data in charts? It is sometimes easier to grasp the context of data if we can see it captured in an image. Graphs and charts help readers digest and interpret information more quickly, consistent with the familiar adage “a picture is worth a thousand words.”
Working with Excel Charts will provide an overview of the type of charts available such as pie and bar charts. Refer to it to create a histogram along with Use the Analysis Toolpak as needed.
You will work with data to create charts, adding a tab for charts and another for a histogram.
In this step, you will build Tab 3: GraphsCharts and Tab 4: Histogram. After you complete these tabs, you’ll be ready to sort the data.
Step 8: Copy and Sort Data
You’ve accomplished a lot with your data set, summary stats, and histograms. In this step, you will copy and sort data in an Excel worksheet and create a tab for sorted data. You will be able to use this rearrangement of data when you are conducting quantitative analysis. This skill is useful for reporting purposes and can be applied to any Excel application.
Click to reveal instructions for Acquisition and Contract Management (ACM) students.
You’ll copy and sort the data. This is a useful skill that applies to any use of Excel.
In this step, you will create Tab 5: Sorted Data. When you’re finished, you’ll be ready to conduct your quantitative analysis.
Here is an example of a sorted spreadsheet:
Example of the Excel sheet with data sorted by region
Step 9: Submit Your Completed Workbook with Responses and Analysis
You’ve done a lot of work and should now be prepared to manipulate data fields, analyze data, and create reports that your boss may request in the future. You’ve learned how to create a multi-tabbed workbook in Excel and explored many ways data can be manipulated and presented to support your summaries and findings.
You’re now ready to complete your analysis of the data and finish the project. Once you have answered some questions to help you refine your analytical ideas, please write a short essay about what the data reveals to you, and arrange the tabs according to the instructions. You can then submit your workbook in the Project 4 assignment folder. Good job!
Click to reveal instructions for Acquisition and Contract Management (ACM) students.
In this step, your hard work bears fruit. What does it all mean? Think back to your boss’s reasons for tasking you with this project. Use your powers of analysis to determine what the data may be telling you. Apply your quantitative reasoning skills by answering the questions provided in the resource and writing a short essay.
After you answer the questions, your short essay should include
a one-paragraph narrative summary of your findings, describing patterns of interest;
an explanation of the potential relevance of such patterns; and
a of how you would investigate further to determine if your results could be perceived as good or bad for the company.
You will prepare your responses in your workbook on the tab labeled QR/Questions and Answers. Type in your answers to the questions and your final essay in the textbox. Then move the QR/Questions and Answers tab to the first tab position (to the left of the Data tab) when you have finished.
When you have completed your essay, review the order of tabs:
Tab 1: QR/Questions and Answers (short essay above)
Tab 2: Data (Steps 16 above)
Tab 3: Excel Summary Stats (Step 6)
Tab 4: GraphsCharts (Step 7)
Tab 5: Histogram (Step 7)
Tab 6: Sorted Data (Step 8)
Reference for step 7
https://edu.gcfglobal.org/en/excel2016/charts/1/
