Chapter 3 Slides

Chapter 3 Slides - ISDS 2000 Statistical Methods 1 Chapter...

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ISDS 2000 Statistical Methods 1 Chapter 3: Descriptive Statistics Numerical Measures
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Learning Objectives Calculate and describe the characteristics of the measures of center. Calculate and describe the characteristics of the measures of dispersion. Describe data in terms of center, dispersion, and skewness. Convert data to standardized values. Describe data occurrences using Empirical Rule. Be able to identify outlier.
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Introduction In this chapter, we will elaborate on more sophisticated ways of summarizing data using numeric indices. These numeric indices describe three major properties of numeric data : Location (Center) Dispersion (Variation or Spread) Shape
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Measures of Location(Section 3.1) 1. Mean – average; value around which observations tend to cluster; balance point of histogram. » Population mean ( μ ) » Sample mean ( ) The mean is susceptible to (influenced by) outliers. N X N i i = = 1 μ x n X x n i i = = 1 Example: Audit Data
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Measures of Location (Section 3.1) Median – the point at which half the data lie above and half the lie below. If the sample size is odd, the median is the middle
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Chapter 3 Slides - ISDS 2000 Statistical Methods 1 Chapter...

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