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Was the range of the amounts of money that Company Y budgeted for its

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Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.
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Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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nalinnair wrote:
Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.



what we require to answer-
actual values of highest and least amount or some info to get the ratio/value..

lets see the statements-



(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
the statement just gives us the least possible amount of money in both years -12*400..
clearly insuff

(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000
again we just know the average money per budget to be same
Insuff

Combined...
we know there are 12 projects and average is same 2000 for both years...
so amount of money is the same...
also the least money is the same for both...
BUT for RANGE, we require to know the highest amount of money budgeted for any project out of 12 months..
Insuff

E
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Re: Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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nalinnair wrote:
Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.


We have to figure out if range of budgets was equal to that of this year. If we could calculate the largest value- smallest value, then we will get the answer.

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.

Total number of projects= 12
Same value of $400 was allocated for least budgeted project.

We don't know the value allocated to highest budgeted project. Insufficient

(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.

Mean is 2000, but we don't know total number of projects and lowest and highest value. Insufficient.

Combining both statement.

Total value allocated= 12*2000= 24000
lowest value= 400
Remaining 236000 can be spread across 11 projects in any way, or the spread could be different for last year and this year. Not sufficient.

E is the answer
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Re: Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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New post 05 Dec 2016, 05:16
I understand how to this problem is being solved. I got confused when I was combining both statement, and thought that together I had enough information since 1) told me the Lowest number for both year and 2)told me the average, so I thought I could find the range by doing. Lowest amount + Average= Highest amount. so 400+2000= 2,400. but I think i'm just mixing up things.
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Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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New post 09 Dec 2017, 06:46
Divyadisha wrote:
nalinnair wrote:
Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.


We have to figure out if range of budgets was equal to that of this year. If we could calculate the largest value- smallest value, then we will get the answer.

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.

Total number of projects= 12
Same value of $400 was allocated for least budgeted project.

We don't know the value allocated to highest budgeted project. Insufficient



(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.

Mean is 2000, but we don't know total number of projects and lowest and highest value. Insufficient.

Combining both statement.

Total value allocated= 12*2000= 24000

lowest value= 400
Remaining 236000 can be spread across 11 projects in any way, or the spread could be different for last year and this year. Not sufficient.

E is the answer




Why would it matter how its spread out? isnt the question asking about the range i.e. Highest value - smallest Value.? Could you explain detail why the option is E not C.
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Re: Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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mtk10 wrote:
Divyadisha wrote:
nalinnair wrote:
Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.


We have to figure out if range of budgets was equal to that of this year. If we could calculate the largest value- smallest value, then we will get the answer.

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.

Total number of projects= 12
Same value of $400 was allocated for least budgeted project.

We don't know the value allocated to highest budgeted project. Insufficient



(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.

Mean is 2000, but we don't know total number of projects and lowest and highest value. Insufficient.

Combining both statement.

Total value allocated= 12*2000= 24000

lowest value= 400
Remaining 236000 can be spread across 11 projects in any way, or the spread could be different for last year and this year. Not sufficient.

E is the answer




Why would it matter how its spread out? isnt the question asking about the range i.e. Highest value - smallest Value.? Could you explain detail why the option is E not C.


Yes you are right. Question is asking about Highest-Lowest value. Now we know that for each year, lowest value=400. And total value for each year = 12*2000 = 24000. The thing is that total =24000, and lowest for each year =400. But how does this tell us whats the highest value for each year? Its possible that highest value last year was 4000, and highest value this year was 3800. That would give different ranges for the two years.
But its also possible that highest values were also same for both years, in that case range would be same.

so we cant say.
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Re: Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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New post 03 Jan 2018, 19:43
nalinnair wrote:
Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.

----------

We need to see: Is Range (last year) = Range (this year) ?

Stmt 1: No. of projects =12, Min = 400 => Not sufficient
Stmt 2: Average=2000 => Not sufficient
Both together, => Not sufficient becauase 2000-400=1600 can be divided among 11 projects in multiple ways leading to different max values & hence differenet ranges
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Re: Was the range of the amounts of money that Company Y budgeted for its [#permalink]

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New post 05 Jan 2018, 05:07
nalinnair wrote:
Was the range of the amounts of money that Company Y budgeted for its projects last year equal to the range of the amounts of money that it budgeted for its projects this year?

(1) Both last year and this year, Company Y budgeted money for 12 projects and the least amount of money that it budgeted for a project was $400.
(2) Both last year and this year, the average (arithmetic mean) amount of money that Company Y budgeted per project was $2,000.


Reqd.- Range Last year=Range This year
Or Max Last year- Min Last year= Max This year- Min this year
Yes/No type

St-1- Project no.= 12 both year and Min amount last year= this year= 400
but we do not know max amount insufficient. (A and D out)

St-2 AM last year= AM this year= 2000, clearly insufficient no max min values (B out)

Combine
we can get sum of the budgeted money but it cant tell max value for last year or this year So C out

E is the answer.
Re: Was the range of the amounts of money that Company Y budgeted for its   [#permalink] 05 Jan 2018, 05:07
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