An entrepreneur faces many bureaucratic and legal hurdles when starting a new business. The World Bank collects information about starting businesses throughout the world. They have determined the time, in days, to complete all of the procedures required to start a business. The data for business start time, in days, for a sample of 24 countries is given. Data Set 13 66 36 12 8 27 6 7 5 7 52 48
15 7 12 94 28 5 13 60 5 5 18 18
The total for the given data is 567 days.
Later, we realize that we had not included the data for the South American country of Suriname in the sample. The start time for Suriname is 694 days.
a) What is the mean of the sample data including the country of Suriname? Give your answer to two decimal place.
b) Find the median time to start a business for 24 countries in our data set:
c) Which measure do you prefer for describing the center of this distribution? Explain your answer.
d) Compute the quartiles (Q1, Q2, Q3), and find the IQR for these data. Are there outliers in the time to start a business data set? If so, identify and name any outliers.
e) Compute the standard deviation of time to start a business for 24 countries in the data set:
f) Which measure do you prefer for describing the spread of this distribution? Explain your answer.
g) Make a boxplot for these data and explain & describe the distribution using only the information in the boxplot.