Lecture+2.pdf - OPMT 1130 Business Statistics Myra Andrews Judy Li Winter 2018 Lecture 2 Measures of Variability 1 Below are the ages for a sample of

Lecture+2.pdf - OPMT 1130 Business Statistics Myra Andrews...

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OPMT 1130 Myra Andrews, Judy Li Business Statistics Winter 2018 Lecture 2: Measures of Variability 1.Below are the ages for a sample of students taken from two different sets. Mean Median Mode Set A27 27 27 29 30 Close together Set B 18 27 27 30 38 Very spread out 2.Below are three different sets of data. Calculate the range for each set of data. Range 1 20 45 46 47 48 2 20 21 22 23 24 3 20 25 30 35 40 3.(a) Calculate the standard deviation of the ages for Set B. What is it for Set A? 49 50 25 50 45 50 (b) What does it tell you about the ages of the students if the standard deviation is zero? 4.You have $5,000 to invest in the stock market. You have narrowed your choices to 2 different stocks. Which stock is riskier? National Bank Gold Seek Average weekly closing price (based on the past 52 weeks) $75 $0.80 Standard Deviation $7.50 $2.40 Coefficient of Variation (CV) Solutions
OPMT 1130 Myra Andrews, Judy Li Business Statistics Winter 2018 At just over five foot eleven, the average Canadian-born male from the 1970s stands nearly an inch taller than his American counterpart. Below are two samples of the heights of 90 Canadian-born males from the 1970s. The first sample was randomly selected from a population with a mean height of 71 inches and a standard deviation of 2.8 inches. The second sample was taken from a population with a mean height of 71 inches but a standard deviation of 30 inches. The data is rounded to the nearest inch.65 67 67 67 67 67 67 67 67 67 68 68 68 68 69 69 69 69 69 69 69 69 70 70 70 70 70 71 71 71 71 68 68 68 68 70 70 70 70

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