Refer to the Know Thy Customer dataset located in the Course Resources folder of Blackboard. Compute the mean, range, and standard deviation of the Income and Age columns. Develop a histogram of the data. Use a Pivot Table to get creative with examining the data. For example, see how many people are married, how many of those married couples have children, and what their average income is. See this video for more details. Using this data, write a post explaining how such information can be helpful if you are a business owner and you are trying to know more about your customer.
Biblical Application:
The Bible is filled with the use of numbers and statistics (i.e. Exodus 25:10-16-Ark of the Covenant). Compare and contrast one biblical concept of statistics and how we should live our lives.
Classmate Post:
The data retrieved from the ‘Know Thy Customer’ Microsoft Excel Spreadsheet showed important market indicators that would help business owners to set their product and service prices, following what’s affordable to the local customer base. In today’s market, the incomes are minuscule, and products marketed would need to take that into account. According to Jacobs, Anna (2014) women make up a disproportionately large portion of the low-income workers (2014). The customer data retrieved however showed that there was an even split of low-wage workers concerning the queried workforce, of males and females, with 300 per group (600), which could be considered as unethical wages, according to Werner and Ming (2016).
