Measures of Dipsersion Five number

Measures of Dipsersion Five number - • If comparing...

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Measures of Dipsersion Measures of variation measure the variation present among the values of a data set, so  measures of variation are measures of spread of values in the data.  Absolute Measures of Dispersion  Range Quartile Deviation Mean (Average) Deviation Variance and Standard Deviation  Relative Measures of Dispersion Coefficient of Range  Coefficient of Quartile Deviation Coefficient of Mean Deviation Coefficient of Variation (CV) Appropriate Choice of Measure of Variability If data are symmetric, with no serious outliers, use range and standard deviation. If data are skewed, and/or have serious outliers, use IQR.
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Unformatted text preview: • If comparing variation across two data sets, use coefficient of variation (C.V) Five Number Summary The five number summary of a data set consists of the minimum value, the first quartile, the second quartile, the third quartile and the maximum value written in that order: Min, Q 1 , Q 2 , Q 3 , Max. From the three quartiles we can obtain a measure of central tendency (the median, Q 2 ) and measures of variation of the two middle quarters of the distribution, Q 2-Q 1 for the second quarter and Q 3-Q 2 for the third quarter....
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This note was uploaded on 06/19/2011 for the course ECON 202 taught by Professor Pharuddin during the Summer '11 term at The School of the Art Institute of Chicago.

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Measures of Dipsersion Five number - • If comparing...

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