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18 download_doc-6.php - III. Measures of Dispersion a. Def....

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Lab Manual Chapter 3 I. Excel functions to know a. Mean (average) b. Median c. Mode d. Population variance i. =varp e. Standard Deviation of sample f. Sample variance i. =var g. Standard Deviation of population i. =stdevp II. Measures of Center a. Def i. A statistic that is “representative” of data in some way b. Types i. Mean 1. (sum of obs)/(# of obs) 2. ii. Median 1. Middle of the data set 2. Sort the data, find the middle 3. More reliable than the mean as a measure of center when outliers are present iii. Mode
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1. The most frequent observation, or the value with the greatest frequency 2. Highly volatile and unreliable 3. The only measure of center for nominal data c. notes i. The mean and the median together can provide info about the shape of a data set: such as skewness 1. Mean > Median (>mode) a. Positively/ skewed to the right 2. Mean=Median (=mode) a. Symmetric 3. Mean < Median (<mode) a. Negatively/ skewed to the left
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Unformatted text preview: III. Measures of Dispersion a. Def. i. The spread/scattering of data around its center b. Types i. Range 1. The distance between the largest value and smallest value in the data set 2. Largest Value Smallest Value ii. Variance 1. The average squared distance of the data from their mean 2. Two ways to calculated a. Population Variance: b. Sample Variance: 3. Reported in square units iii. Standard deviation 1. The average distance of the data from the mean 2. Ways to denote a. Population Standard Deviation b. Sample Standard Deviation 3. Uses the square root of the variance iv. Coefficient of Variation (CV) 1. A measure of relative dispersion 2. Used to compare the variability of two data sets which are measured in different unit or are of different magnitudes 3. A measure of variability free of units...
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This note was uploaded on 04/18/2011 for the course BUS 370 taught by Professor Camp during the Winter '09 term at Indiana.

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18 download_doc-6.php - III. Measures of Dispersion a. Def....

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