Discussion Prompt:

For this discussion, you will describe and analyze the monthly unemployment rate in the U.S. for a year of your choice. The data you will be working with was retrieved from the Current Population Survey (CPS), a monthly survey of households conducted by the Bureau of Census for the Bureau of Labor Statistics.

Labor Force Statistics from the Current Population Survey
Unemployment Rate

Unemployment Chart

For this discussion, complete the following tasks:
1. Calculate and interpret the mean, median, and mode of the unemployment rate for a year of your choice.
2. Compare the measures of central tendency. Which one do you think best describes the given data? Be sure to fully justify your choice.

Instructions

A substantive initial post answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answers a question (in detail) posted by another student or the instructor.

Note: The following are not examples of substantive contributions:
● Thanking a classmate.
● Agreeing with a classmate.
● Complimenting a classmate.
● Providing irrelevant commentary.

================Respond to Student #1=====================

Hello all,

For this discussion, you will describe and analyze the monthly unemployment rate in the U.S. for a year of your choice. The data you will be working with was retrieved from the Current Population Survey (CPS), a monthly survey of households conducted by the Bureau of Census for the Bureau of Labor Statistics.

Labor Force Statistics from the Current Population Survey
Unemployment Rate

Unemployment Chart

For this discussion, complete the following tasks:
1. Calculate and interpret the mean, median, and mode of the unemployment rate for a year of your choice.
2. Compare the measures of central tendency. Which one do you think best describes the given data? Be sure to fully justify your choice.

Instructions

Be sure to post an initial, substantive response by Thursday at 11:59 p.m. MST, and respond to two or more peers with substantive responses by Sunday at 11:59 p.m. MST. A substantive initial post answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answers a question (in detail) posted by another student or the instructor.

Note: The following are not examples of substantive contributions:
● Thanking a classmate.
● Agreeing with a classmate.
● Complimenting a classmate.
● Providing irrelevant commentary.

====================Student #2============================

Hi Class,

For this weeks discussion, I chose to focus on the 2017 unemployment rate. In this example, we will take a look at the mean, median, and mode, for this particular year. To begin, we will examine the mean, which is calculated by adding up all of the monthly data and dividing its sum by 12. To represent this, we find that the equation looks as follows:

4.7 + 4.7 + 4.4 + 4.4 + 4.4 + 4.3 + 4.3 + 4.4 + 4.2 + 4.1 + 4.1 = a mean of 4.36

To calculate our median, we arrange the data in descending order and divide this data by two in accordance with the total number of independent values (Lippman 2013). This would look like the following:

4.7 + 4.7 + 4.4 + 4.4 + 4.4 + 4.4 + 4.3 + 4.3 + 4.2 + 4.1 + 4.1 = Then divide 12/2 which equals 6, representing the 6th number in our data set. In this case, we see that this value is 4.4.

To find the mode, we determine which value is the most frequent in our set of data (Lippman 2013). In this example, we can see that the most occurred value is 4.4, as it is represented four times, where other values are only represented between two and one times. With this in mind, the mode is relatively easy to find knowing that there aren’t any similarly represented values.

As we can see from this set of information, it is clear that the mean is the most representative solution for representing our data set. This is stated due to the idea that we consider all values in finding our solution. Unlike the mode and median, we directly analyze all data and compare it against the entire set. With other equations, we do not equally consider all represented data and therefore this information wouldn’t be as accurate.

Reference

Lippman, D. (2013). Math in society (2.4 ed.) CC BY-SA. Retrieved from https://openumn.edu/opentextbooks/textbooks/math-i…

Explanation & Answer length: 2 Responses 2 Paragraphs

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