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Credit-Quiz-Ch2-Key

# Credit-Quiz-Ch2-Key - 21 – 23 5 5/50=0.10 0.10 24 – 26...

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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. ----- -------- ------------

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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!...
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Credit-Quiz-Ch2-Key - 21 – 23 5 5/50=0.10 0.10 24 – 26...

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