Lect14_Midterm_Review

Lect14_Midterm_Review - Midterm Review Midterm Review...

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Midterm Review Midterm Review Population vs Sample ± Population variable, population distribution, population parameter ± Interested in the whole population, but census is usually too expensive ± Sample: a subset of population sample distribution, sample statistics ± Random sample: each unit has the same chance of being selected ± (Random) Sampling works Sample distribution approximates population distribution Sample statistics (e.g., mean, standard deviation) estimate corresponding population parameters
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Midterm Review Midterm Review Describing Data ± Describing the shape of a distribution For quantitative data: stem-and-leaf display, (frequency) histogram For qualitative data: bar chart, pie chart ± Describing central tendency: mean, median, mode Mean: most frequently used measure, sensitive to extreme values; geometric mean of returns Median: robust to extreme values Relationship among the three measures for distributions with different types of skewness ± Describing the variation: variance/standard deviation, range, IQR
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This note was uploaded on 12/30/2009 for the course ISOM ISOM111 taught by Professor Anthonychan during the Fall '09 term at HKUST.

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Lect14_Midterm_Review - Midterm Review Midterm Review...

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