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Review on Chapters 3 &amp; 6

# Review on Chapters 3 &amp; 6 - Business Statistics II...

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Fall 2010 Dr. Kameliia Petrova 1 Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 1 Business Statistics II ECO 362: Sections A & B Review on Chapters 3 & 6 Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 2 Chapter 3: Descriptive Statistics: Numerical Measures square4 Measures of Location square4 Measures of Variability square4 Measures of Distribution Shape, Relative Location, and Detecting Outliers Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 3 Statistical Inference square4 Sample Statistics - computed from a sample square4 Population Parameters - computed from the whole population square4 Point Estimator - A Sample Statistic is the Point Estimator of the corresponding Population Parameter Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 4 Measures of Location square4 Mean square4 Median square4 Mode Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 5 Mean, Sample and Population Mean square6 The average of all the data values. square6 The sample mean, x, is the point estimator of the population mean m . square6 Sample Mean = x = (∑x i )/n square6 Population Mean = µ = (∑x i )/N Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 6 Median square6 The value in the middle when the data elements are arranged in ascending order. square6 Useful with extreme values. square6 Example: annual income and property value data.

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Fall 2010 Dr. Kameliia Petrova 2 Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 7 Example of Median Odd Number Ordered data: 12, 14, 18, 19, 26, 27, 27 Median = 19 Even Number Ordered Data: 12, 14, 18, 19, 26, 27, 27, 30 Median = (19 + 26) / 2 = 22.5 Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 8 Mode square6 The value that occurs with greatest frequency. square6 Data with two modes are bimodal. square6 Data with more than two modes are multimodal. Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 9 Example of Mode square6 Data: 5, 7, 32, 5, 8, 5, 8, 40, 101, 8, 71, 5, 4, 101, 32 square6 Ordered Data: 5, 5, 5, 5, 7, 8, 8, 8, 32, 32, 40, 41, 71, 101, 101 square6 Mode = 5 Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 10 Using Excel’s Functions square6 AVERAGE square6 MEDIAN square6 MODE Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh Slide 11 Measures of Variability square6 Variance square6 Standard Deviation Spring 2011 Dr. Kameliia Petrova School of Business and Economics SUNY Plattsburgh
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