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Week+2+Overview.docx - Page 1 of 3 Course MGMT650 Course...

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Page 1 of 3 Course #: MGMT650 Course Title: Statistics for Managerial Decision Making Week 2: Calculating and Displaying Descriptive Statistics: managers use different statistics to describe or summarize data. Measures like the mean, median, mode, standard deviation, variance, range, interquartile range are all used for different reasons. Frequency distributions and graphical depictions can also be valuable tools to summarize data. Learning Objectives : 1. Basic descriptive statistics used to describe data: Measures of central tendency https://statistics.laerd.com/statistical-guides/measures-central-tendency-mean-mode-median.php Also, see FAQs on p. 2 Measure of location Quartile http://www.stats.gla.ac.uk/steps/glossary/presenting_data.html#quart Measures of spread Sample standard deviation http://www.stats.gla.ac.uk/steps/glossary/presenting_data.html#standev Sample Variance http://www.stats.gla.ac.uk/steps/glossary/presenting_data.html#sampvar Range http://www.stats.gla.ac.uk/steps/glossary/presenting_data.html#range Interquartile range http://www.stats.gla.ac.uk/steps/glossary/presenting_data.html#iqr
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