Credit-Quiz-Ch2-Key

Credit-Quiz-Ch2-Key - ------------ ---------------- 21 23 5...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 KEY to BUS-271 In-class Quiz over Chapter 2 2011-09-08 [Over 20 points] 204. [Chapter 2; 20 points] (Definitions) a) [4 p.] Define the terms “frequency” and “relative frequency” as they pertain to a data set “Frequency” simply refers to a count of the n umber of entities that gave the same answer to a question, or who fall into the same category. (Drive the same car, fall into the same income bracket.) “Relative frequency” refers to the fraction or % that a frequency makes out of the whole number of observations in the data set. b) [4 p.] Using the following data set, calculate relative frequencies for each category. (Fill in the table.) Age Freq. Rel. Freq. Cum.Rel.Freq. ----- --------
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ------------ ---------------- 21 23 5 5/50=0.10 0.10 24 26 16 16/50=0.32 0.10+0.32=0.42 27 29 14 14/50=0.28 0.42+0.28=0.70 30 32 9 9/50=0.18 0.70+0.18=0.88 33 35 6 6/50=0.12 0.88+0.12=1.00 ------ n=50 c) [4 p.] Calculate cumulative relative frequencies for each category. (The last column above) 2 d) [4 p.] Draw an Ogive for this data set. An Ogive is a graph of cumulative frequency or cumulative relative frequency. It rises from zero to n (or from 0.0 to 1.00). e) [4 p.] Draw a Pareto diagram for this data set. A Pareto diagram is a bar graph or histogram where the bars are sorted from tallest to smallest, starting with the tallest to the left. Be sure to label the bars correctly!...
View Full Document

This document was uploaded on 09/23/2011.

Page1 / 2

Credit-Quiz-Ch2-Key - ------------ ---------------- 21 23 5...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online