day6 - Example : This data set contains the total annual...

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Unformatted text preview: Example : This data set contains the total annual salary plus bonus paid to the top executives of 14 financial service companies. The data are in millions of dollars. Company Salary Company Salary Aetna 3.5 Fannie Mae 4.3 AIG 6.0 Federal Home Loan 0.8 Allstate 4.1 Fleet Boston 1.0 American Express 3.8 Freddie Mac 1.2 Chubb 2.1 Mellon Financial 2.0 Cigna 1.0 Merrill Lynch 7.7 Citigroup 1.0 Wells Fargo 8.0 We can describe the central tendency of this data. Mean Median This is only a partial description of the data. We would also like to describe the spread of the data. 1 Measures of Variability Range : The difference between the largest and smallest numbers in the data set. Range = Largest Value- Smallest Value Ex : The range of the executive salaries is: easy to compute highly influenced by extreme observations Ex : Suppose the Wells Fargo executive made 20 million dollars. 2 Interquartile Range (IQR) : The difference between the third quartile and the first quartile....
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day6 - Example : This data set contains the total annual...

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