Minitab Project #3 1. The advantage of using summary statistics is that it gives a good estimate about the average number of sales per week. Also, the median gives a rough estimate of the number of sales in the middle if there are extremes that would skew the data. The range is useful in showing how far apart the data is from the lowest to the highest value, which could be used to suggest whether it’s better to use the median instead of the mean. The disadvantage of summary statistics compared to a histogram is that it is difficult to determine what range most of the numbers of sales fall upon. A histogram provides a visual way to compare data as opposed to numerical values. Histograms also provide information on whether data is skewed more towards the left or right. 2. The mean over 52 weeks is 40.8135 million sales a week. The median is 40.35 million. 3. The range is 20.6 million. The Standard Deviation is 4.27290 million. The Coefficient of Variation is 10.47. The IQR 6.200. 4.
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This note was uploaded on 08/31/2008 for the course BUAD 310 taught by Professor Lv during the Spring '07 term at USC.