Review on Chapters 3 & 6

Review on Chapters 3 & 6 - Business Statistics II...

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Fall 2010 Dr. Kameliia Petrova 1 Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 1 Business Statistics II Review on Chapters Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 2 Chapter 3: Descriptive Statistics: Numerical Measures s Measures of Location s Measures of Variability s Measures of Distribution Shape, Relative Location, and Detecting Outliers Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 3 Statistical Inference s Sample Statistics - computed from a sample s Population Parameters - computed from the whole population s Point Estimator - A Sample Statistic is the Point Estimator of the corresponding Population Parameter Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 4 Measures of Location s Mean s Median s Mode Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 5 Mean, Sample and Population Mean S The average of all the data values. S The sample mean, x, is the point estimator of the population mean m . S Sample Mean = x = (∑x i )/n S Population Mean = µ = (∑x i )/N Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 6 Median S The value in the middle when the data elements are arranged in ascending order. S Useful with extreme values. S Example: annual income and property value data.
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Fall 2010 Dr. Kameliia Petrova 2 Spring 2011 Dr. Kameli a 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. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 8 Mode s The value that occurs with greatest frequency. s Data with two modes are bimodal. s Data with more than two modes are multimodal. Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 9 Example of Mode s Data: 5, 7, 32, 5, 8, 5, 8, 40, 101, 8, 71, 5, 4, 101, 32 s Ordered Data: 5, 5, 5, 5, 7, 8, 8, 8, 32, 32, 40, 41, 71, 101, 101 s Mode = 5 Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 10 Using Excel’s Functions s AVERAGE s MEDIAN s MODE Spring 2011 Dr. Kameli a Petrova School of Business and Economics SUNY Plattsburgh Slide 11 Measures of Variability s Variance s Standard Deviation Spring 2011 Dr. Kameli a Petrova School of Business and Economics
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This note was uploaded on 06/08/2011 for the course BUS STAT 362 taught by Professor - during the Spring '11 term at SUNY Plattsburgh.

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Review on Chapters 3 & 6 - Business Statistics II...

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