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QMB Study Guide

# QMB Study Guide - QMB Study Guide Mean average Median...

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

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