BUSN5760_Midterm

BUSN5760_Midterm - Descriptive statistics allow us to...

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Descriptive statistics allow us to describe groups of many numbers. One way to do this is by reducing them to a few numbers that are typical of the groups, or describe their characteristics. The average is one kind of descriptive statistic. Measures of spread are another kind. Grouping numbers into frequency distributions and drawing charts to illustrate frequency distributions, are other examples of descriptive statistics. Dispersion. Dispersion refers to the spread of the values around the central tendency. There are two common measures of dispersion, the range and the standard deviation. The range is simply the highest value minus the lowest value. The Standard Deviation is a more accurate and detailed estimate of dispersion because an outlier can greatly exaggerate the range (as was true in this example where the single outlier value of 36 stands apart from the rest of the values. The Standard Deviation shows the relation that set of scores has to the mean of the sample. Measures of central tendency are measures of the location of the middle or the center of a distribution. The definition of "middle" or "center" is purposely left somewhat vague so that the term "central tendency" can refer to a wide variety of measures. A frequency distribution
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This note was uploaded on 06/09/2011 for the course BUSINESS 5970 taught by Professor Jhon during the Spring '09 term at Webster.

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BUSN5760_Midterm - Descriptive statistics allow us to...

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