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Statistics · Studypool

Applied Data Analysis 1: Inflation Impact on Consumer Spending

Post ID: 3468988

Step 1: Gather Data

Using the free version of ChatGPT, enter the following prompt:

  • “Generate monthly percentage changes in consumer spending (increase or decrease) for groceries, dining, energy, rent, travel, and luxury goods over the past 12 months. Include a column for inflation.”
    • Download the file and save it to your computer.

Important Reminder:

  • You are not permitted to ask ChatGPT to write the content. If the assignment is written by AI, a zero will be awarded, and no resubmission will be accepted. Faculty have access to Turnitin reports that assess AI Writing.
  • The following article explains How to cite ChatGPT

Copy the data set provided into Excel. Arrange it with months in rows and spending categories in columns.

Step 2: Calculate Measures of Central Tendency

In Excel, use formulas for each category:

  • Mean (Average): =AVERAGE(B2:B13)
  • Median: =MEDIAN(B2:B13)
  • Mode: =MODE.SNGL(B2:B13)
  • (Adjust column letters depending on category.)

Step 3: Calculate Measures of Variability

  • Range: =MAX(B2:B13)-MIN(B2:B13)
  • Variance: =VAR.S(B2:B13)
  • Standard Deviation: =STDEV.S(B2:B13)

Step 4: Create a Summary Table

  • Build a table that shows mean, median, mode, range, variance, and standard deviation for each spending category. This will be pasted into Word.

Step 5: Interpret the Results (in Word)

  • Which category shows the highest average change?
  • Which category shows the most variability in consumer spending?

Step 6: Create Charts

  1. Line Chart – Trends Over Time
    • Highlight the entire dataset (Months + Categories).
    • Go to Insert → Line Chart → Line with Markers.
    • This will show monthly percentage changes for each variable.
    • Title the chart: Monthly Changes in Consumer Spending and Inflation (%).
      • Interpretation Tip: Identify which categories trend upward or downward during the 12-month period.
    • This will be pasted into Word.
  2. Boxplot – Variability Across Categories
    • Copy the data for each category into separate columns (as already structured).
    • Select the entire data range.
    • Go to Insert → Statistical Chart → Box & Whisker.
    • Title the chart: Spending Variability by Category and Inflation.
      • Interpretation Tip: Use the boxplot to discuss spread (interquartile range), outliers, and which categories show the widest variability.
    • This will be pasted into Word.

Step 7: Visual Analysis in Interpretation (in Word)

  • Explain how the line chart reveals overall spending trends.
  • Use the boxplot to support claims about which categories are most volatile.
  • This step should be 1 page in length (not including the charts pasted into Word). ChatGPT or other AI tools may not be used for this section of the assignment.

Step 8: Research Application (in Word)

  • What might explain these results in the context of inflation?
  • How could businesses use these findings in pricing, marketing, or strategy?
  • This section should be 1 page in length. Cite the module readings or other sources and add them to the reference list. Do not use quotations. ChatGPT or other AI tools may not be used for this section of the assignment.
Deliverables
  • Excel file with dataset and formulas, summary statistics table, line chart, and boxplot.
    • If ChatGPT or other AI is used to create the content, a zero will be awarded for it.
    • The assignment will not be graded without the Excel file.
  • Template Word file with the Excel charts and graphs included, along with the interpretation connecting numerical findings and visual evidence. Do not submit a PDF.
  • Use the following APA-formatted template: MBA5008 Data Analysis 1 Template.docx to create your submission.
    • The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links.

Reminders

  • Before getting started, review the rubric for grading details and expectations.
  • Compose your project in Microsoft Word, using APA style.
  • Use three or more scholarly sources to support your work.
  • Need help with the reference list format or citation format?
    • Free Citation Generator (APA 7)
    • "Full citation” is for the Reference list. In-text citation is used in the written paragraph.
  • No quotations are permitted in this memo. Since you are engaging in research, be sure to cite and reference the sources in APA format. This is a professional paper, not a personal one based on feelings. It must be written in the third person; this means words like “I”, “we”, and “you” are not appropriate.