LIR 832: MINITAB WORKSHOP Opening Minitab Minitab will be in the Start Menu under “Net Apps”. Opening the Data Go to the following web site: http://www.msu.edu/course/lir/832/Datasets.htm Right-click and “Save Target As…” on the link for “Company Sales” (Save it to the desktop) In Minitab, select “File”Æ “Open Worksheet” Æ and find the file Company Sales. Learning the Variable Names This data set includes 79 observations on a number of characteristics of specific companies: Company: Company Name Assets: Amount of assets (in millions) Sales: Amount of sales (in millions) Market_Value: Market Value of the company (in millions) Profits: Profits (in millions) Cash_Flow: Cash Flow (in millions) Employees: Number of employees (in thousands) Sector: Type of market the company is associated with Basic StructureMinitab saves all materials related to a session as a “Project”. This includes all graphs, datasets, results, commands, etc. Within this project is a “worksheet”, which is the raw data we use here. Variable Names: You can add or edit variable names by clicking on the names above the columns. Note that columns will either be labeled as text columns (“C1-T”) or numeric (C2). Results appear here. Data here (the worksheet) Statistical CommandsAdding Data: You can add data in a number of ways. You can either hand-enter data… … or you can make patterned data under the “Calc”Æ “Make Patterned Data” Æ “Simple Set of Numbers” (or other options)Making Dummy (or Indicator) Variables Suppose you want to convert the “Sector” column into a series of 0/1 variables in order to include them in a regression equation (you can’t just put the “Sector” variable in the equation since it is non-numerical). Go to “Calc”Æ”Make Indicator Variables…”The variable “Sector” has 9 values. Thus, we must create nine dummy variables… which needs nine empty columns. Thus, we input C9-C17 and we find the following…: Where to put your new variableVariable to examine9 New Variables – One Dummy Variable for Each SectorYou can then label each column based on what it represents.Descriptive Statistics We can quickly calculate the descriptive statistics for each numeric variable. Follow the following steps: Click on appropriate variables (note that text variables are not appearing).After clicking on the “Statistics…” tab, the following menu pops up, allowing you to select all the statistics you will need for your analysis: Upon hitting “OK” on your main selection menu, your results should look like…: Descriptive Statistics: Assets, Sales, Market Value, Profits, Cash Flow, ... Variable N N* Mean SE Mean StDev Minimum Q1 Median Q3 Assets 79 0 5941 1030 9157 223 1117 2788 5835 Sales 79 0 4178 789 7012 176 749 1754 4781 Market Value 79 0 3270 1272 11304 53.0 483 944 2002 Profits 79 0 209.8 89.7 797.0 -771.5 37.8 70.5 195.3 Cash Flow 79 0 401 136 1206 -652 72.5 133 335 Employees 79 0 37.60 7.26 64.50 0.600 3.80 15.40 48.50 Variable Maximum Assets 52634 Sales 50056 Market Value 95697 Profits 6555.0 Cash Flow 9874 Employees 400.20Descriptive Statistics By Category: You can also calculate descriptive statistics by sub-category. For example, if we want the descriptive statistics by “Sector”, we can do the following: Descriptive Statistics: Assets, Sales, Market Value, Profits, Cash Flow, ... Variable Sector N N* Mean SE Mean StDev Minimum Q1 Assets Communication 2 0 12431 7357 10404 5074 * Energy 15 0 4084 1090 4222 1117 1633 Finance 17 0 10330 2946 12147 327 3201 HiTech 8 0 12202 6514 18423 430 614 Manufacturing 10 0 4307 1167 3689 752 1119 Medical 4 0 1874 1465 2931 252 259 Other 7 0 3094 1727 4570 223 799 Retail 10 0 2284 447 1414 623 1044 Transportation 6 0 2480 849 2079 952 987 Sales Communication 2 0 5821 3264 4615 2557 * Energy 15 0 2580 991 3838 355 701 Finance 17 0 1781 923 3805 176 362 HiTech 8 0 12480 6233 17630 672 1305 Manufacturing 10 0 4925 1296 4098 1516 2032 Medical 4 0 1344 942 1885 205 232 Other 7 0 2528 1116 2953 557 1140 Retail 10 0 5904 1424 4502 1601 2666 Transportation 6 0 3043 737 1804 1307 1627 Will give us descriptive statistics for each sectorMarket Value Communication 2 0 6264 4372 6183 1892 * Energy 15 0 1300 294 1139 181 639 Finance 17 0 829 257 1061 53.0 258 HiTech 8 0 19189 11561 32699 866 1126 Manufacturing 10 0 1710 523 1652 101 470 Medical 4 0 1275 621 1242 275 420 Other 7 0 2214 1027 2717 444 683 Retail 10 0 1577 395 1250 457 733 Transportation 6 0 868 335 820 309 348 Profits Communication 2 0 666 427 603 240 * Energy 15 0 156.5 38.5 149.3 -93.8 74.3 Finance 17 0 13.7 48.1 198.5 -732.5 22.9 HiTech 8 0 1285 799 2259 55.7 68.3 Manufacturing 10 0 36.3 97.6 308.6 -771.5 -3.43 Medical 4 0 107.9 58.8 117.5 41.7 42.5 Other 7 0 39.6 57.5 152.2 -279.0 25.6 Retail 10 0 119.1 28.9 91.5 30.3 52.2