PARTOFFIRSTLECTURE - FOUR MOMENTS OF STATISTICS 1 MEASURES...

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FOUR MOMENTS OF STATISTICS. 1. MEASURES OF CENTRAL TENDENCY INCLUDES MEAN 2. MEASURES OF DISPERSION INCLUDES STANDARD DEVIATION 3. SKEWNESS SHAPE, DO THEY SWING TO ONE SIDE? 4. KURTOSIS KURTOSIS—FATNESS OF TAILS, HOW NUMBERS BUNCH ON EACH SIDE. CENTRAL TENDENCY MEAN MEDIAN MODE—NUMBER THAT OCCURS THE MOST OFTEN DISPERSION [SPREAD VARIABILITY] STANDARD DEVIATION RANGE: LARGEST – SMALLEST SKEWNESS MEAN > MEDIAN RIGHT OR POSITIVE SKEWED INCOME OR WEALTH MEAN < MEDIAN LEFT OR NEGATIVE SKEWED ONE VERY LOW VALUE ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ FOUR LEVELS OF MEASUREMENT NOMINAL JUST A CATEGORY LIKE WICHITA TEAM, TOPEKA TEAM ORDINAL A RANKING BUT NO SET DISTANCE BETWEEN RANKS LIKE 1 ST PLACE, 2 ND PLACE INTERVAL SET DISTANCE BETWEEN LEVELS LIKE FAHRENHEIT TEMPERATURE RATIO REAL ABSOLUTE ZERO, LIKE HEIGHT, WEIGHT, KELVIN TEMPERATURE SCALE
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