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Chapter 4- Statistics for Business and Economics

# Chapter 4- Statistics for Business and Economics - LEARNING...

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4-1 LO1. 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 OBJECTIVES

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4-2 Dot Plots A 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.
4-3 Dot Plots - Examples Reported 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. LO1

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4-4 Dot Plot – Minitab Example LO1
4-5 Quartiles, Deciles and Percentiles The 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.

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4-6 Percentile Computation To formalize the computational procedure, let L p refer to the location of a desired percentile. So if we wanted to find the 33rd percentile we would use L 33 and if we wanted the median, the 50th percentile, then L 50 .
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Chapter 4- Statistics for Business and Economics - LEARNING...

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