week2_2 - Business Statistics I Methods for Describing Sets of Data Review Outlier Relative Frequency Histogram Explain Numerical Data Properties

# week2_2 - Business Statistics I Methods for Describing Sets...

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Business Statistics I Methods for Describing Sets of Data
Outlier, Relative Frequency Histogram Explain Numerical Data Properties Describe Summary Measures Central Tendency: Mean, Median, Mode Review
1. Describe Summary Measures : Shape, Variation, 2. Know how to calculate the range, quartiles, percentiles, standard deviation and variance for any data set 3. Be able to interpret these results - especially standard deviation Learning Objectives
Numerical Data Properties & Measures Numerical Data Properties Mean Median Mode Central Tendency Range Interquartile Range Variance Standard Deviation Variation Skew Shape
Shape
Work out the mean , median of the following set of numbers: 4 4 6 8 5 Mean : 5.4, Median: 5 -4 4 6 8 5 Mean: 3.8, Median: 5 4 4 6 20 5 Mean: 7.8, Median: 5 Example
Extreme Values The mean is more easily affected by extremely large or small values than the median. The median is often used as a measure of center when the distribution is skewed.
Shape Describes How Data Are Distributed Measures of Shape Right - Skewed Left - Skewed Symmetric Mean = Median = Mode Mean Median Mode Mode Median Mean
Shape Skewed left: Mean < Median Skewed right: Mean > Median Symmetric: Mean = Median
In a negatively skewed distribution, what would be the correct order of the 3 measures of central tendency, going from left to right?Compare mean median and mode
Variation
Numerical Data Properties & Measures Numerical Data Properties Mean Median Mode Central Tendency Range Variance Standard Deviation Variation Skew Shape Interquartile Range