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QMB Study Guide
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Mean – average
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Median – middle of the pack when listed in increasing order
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Mode – most frequent
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Range – max – min
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Standard deviation – sq rt of variance
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IQR – q3 – q1
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5 number summary – min, q1, median (q2), q3, max
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Detecting outliers using fences
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Lower fence = Q1 – 1.5(IQR)
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Upper fence = Q3 + 1.5(IQR)
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Constructing Histograms
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Number of bins/intervals = K = 1 + 3.3log(n)
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Width of interval = w = (maxmin)/k
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Round up to nearest whole number on both
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Empirical Rule – within ____ std dev. of the mean (only normal distribution)
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1 – 68%
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2 – 95%
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3 – 99.7%
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Chebychev’s Rule – within ____ std dev of the mean (all other distributions)
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1 – nothing
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2 – at lease 75%
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3 – at least 90%
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Confidence intervals
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CI = estimator +/ ME
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ME = critical value (i.e. T or Z) x standard error
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We are 95% confident that the parameter falls within ____ and _____
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If many intervals were constructed, 95% of them would capture the true
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This note was uploaded on 02/17/2012 for the course QMB 3250 taught by Professor Thompson during the Fall '08 term at University of Florida.
 Fall '08
 Thompson

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