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

Info icon This preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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)?
Image of page 2
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?
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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
Image of page 4
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
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern