Chapter 2- Statistics for Business and Economics

Chapter 2- Statistics for Business and Economics -...

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Unformatted text preview: 2-1LEARNING OBJECTIVESLO1. Organize qualitative data into a frequency table.LO2. Present a frequency table as a bar chart or a pie chart.LO3 Organize quantitative data into a frequency distribution.LO4 Present a frequency distribution for quantitative data using histograms, frequency polygons, and cumulative frequency polygons.Primary goal is presentation of data in easy to understand visual ways2-2Summary of the Characteristics for Levels of Measurement2-3Why Know the Level of Measurement of a Data Set?nThe level of measurement of the data dictates the calculations that can be done to summarize and present the data.nTo determine the statistical tests that should be performed on the data2-4Simple visual representation2-5Frequency TableFREQUENCY TABLE A grouping of qualitative data into mutually exclusive classes showing the number of observations in each class.Preference for pop stars:Lady Gaga80Justin Bieber19Choices make me barf 1No AnswerBar ChartsBAR CHART A graph in which the classes are reported on the horizontal axis and the class frequencies on the vertical axis. The class frequencies are proportional to the heights of the bars....
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This note was uploaded on 04/14/2011 for the course ISOM 241 taught by Professor Jukic during the Spring '11 term at Loyola Chicago.

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Chapter 2- Statistics for Business and Economics -...

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