6 - lecture 2, Descriptive Statistics for Quantitative Data...

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Unformatted text preview: lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Describing the Shape of a Distribution Stem-and-leaf display Frequency distribution and histogram Describing central tendency Mean Median Mode Relationships Among Mean, Median and Mode lecture 2, Descriptive Statistics for Quantitative Data Outline 1 Motivating Example 2 Describing the Shape of a Distribution Stem-and-leaf display Frequency distribution and histogram 3 Describing central tendency Mean Median Mode Relationships Among Mean, Median and Mode lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Describing the Shape of a Distribution Stem-and-leaf display Frequency distribution and histogram Describing central tendency Mean Median Mode Relationships Among Mean, Median and Mode lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Example 1, A Shoe Store Case Suppose you decide to open an outdoor shoe store for men. You have picked one brand and prepared enough money to stock your store with 1000 pairs of shoes. One question pop up in your mind: • “how should I allocate my money on different sizes?" (To make life easier, let’s forget about different styles, width, half sizes for this example. We use the U.S./Canada system; adult men’s shoe size ranges from 4 to 14.) • Would you allocate money evenly on all sizes (4-14)? lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Describing the Shape of a Distribution Stem-and-leaf display Frequency distribution and histogram Describing central tendency Mean Median Mode Relationships Among Mean, Median and Mode lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Example 1, A Shoe Store Case, ctd Now suppose you just want to try and see what happens if you stock equal number of pairs for each size as a start. • What do you think would happen after a few weeks in business? Your shoes shelf: • Not a very good situation.. But can you get some useful information from this? lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Describing the Shape of a Distribution Stem-and-leaf display Frequency distribution and histogram Describing central tendency Mean Median Mode Relationships Among Mean, Median and Mode lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Example 1, A Shoe Store Case, ctd Let’s take another look at the pattern of shoe purchases for an idea of how shoe size is distributed in the population. • shape of the distribution • central tendency • variability lecture 2, Descriptive Statistics for Quantitative Data Motivating Example Describing the Shape of a Distribution Stem-and-leaf display Frequency distribution and histogram Describing central tendency Mean Median Mode Relationships Among Mean, Median and Mode lecture 2, Descriptive Statistics for Quantitative Data Describing the Shape of a Distribution Stem-and-leaf display Graphically Summarizing Quantitative Data...
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This note was uploaded on 12/04/2010 for the course ISOM ISOM111 taught by Professor Anthonychan during the Fall '09 term at HKUST.

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6 - lecture 2, Descriptive Statistics for Quantitative Data...

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