Chapter 4- Statistics for Business and Economics

Chapter 4- Statistics for Business and Economics - 4-1LO1....

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Unformatted text preview: 4-1LO1. Develop and interpret a dot plot.LO2. Compute and understand quartiles, deciles, and percentiles.LO3. Construct and interpret box plots.LO4. Compute and understand the coefficient of skewness.LO5. Draw and interpret a scatter diagram.LO6. Construct and interpret a contingency table.LEARNING OBJECTIVES4-2Dot PlotsA dot plot groups the data as little as possible and the identity of an individual observation is not lost. To develop a dot plot, each observation is simply displayed as a dot along a horizontal number line indicating the possible values of the data. If there are identical observations or the observations are too close to be shown individually, the dots are piled on top of each other.4-3Dot Plots - ExamplesReported below are the number of vehicles sold in the last 24 months at Smith Ford Mercury Jeep, Inc., in Kane, Pennsylvania, and Brophy Honda Volkswagen in Greenville, Ohio. Construct dot plots and report summary statistics for the two small-town Auto USA lots. LO14-4Dot Plot Minitab ExampleLO14-5Quartiles, Deciles and PercentilesThe standard deviation is the most widely used measure of dispersion. Alternative ways of describing spread of data include determining the location of values that divide a set of observations into equal parts. These measures include quartiles, deciles, and percentiles.4-6Percentile ComputationTo formalize the computational procedure, let Lprefer to the location of a desired percentile. So if we wanted to find the 33rd percentile we would use L33and if we wanted the median, the 50th percentile, then L50....
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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 4- Statistics for Business and Economics - 4-1LO1....

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