BUSI 402 Ch 2

# BUSI 402 Ch 2 - Chapter 2 Solving Problems with Statistical...

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Chapter 2: Solving Problems with Statistical Analysis Tools I. Level 1: Using Statistical Functions to Compare Data Values a. Data sets – groups of data b. Mean – arithmetic average of a set of numbers b.i. AVERAGE(number 1, number 2,…) c. Median – arithmetic value that occurs in the middle of a data set when organized from lowest to highest, where half the values are less than and half the values are greater than the median value c.i. MEDIAN(number 1, number 2,…) d. Mode – arithmetic value that occurs most frequently in a data set d.i. MODE(number 1, number 2, …) e. Standard deviation – measure of how widely the data sets are dispersed from the arithmetic mean e.i. STDEV(number 1, number 2, …) e.ii. Decreasing std. dev. = production process more consistent f. Normal distribution – exhibits an equal number of occurrences of data values both below and above the arithmetic mean. f.i. The mean, median, and mode are all the same value. f.ii. 95% of values lie within plus or minus 2 standard deviations of the mean g. Tail – a few numbers at a high extreme either above or below the mean h. Calculating percentage changes: (current value – historical value)/ historical value i. Decrease/increase decimal buttons – have no effect on the precision of the value stored in the cell j. Excel 2007 has the ability to store 15 significant digits for each value k. Functions that modify the precision of a value: k.i. ROUND(number, num_digits) – rounds a number to specified number of decimal palces k.i.1. Actually changes the precision of the data values stored k.i.2. Number – a single value k.i.3. Num_digits – specific number of decimal places. 0 = round to nearest whole number. -2 = rounds to the nearest hundred k.ii. ROUNDUP(number, num_digits) – rounds a number up to the nearest specified number of decimal places i.e. (1.002,2) = 1.01 k.iii. ROUNDDOWN(number, num_digits) – rounds a number down to the specified number of decimal places i.e. (9.99,0) = 9 k.iv. EVEN(number) – rounds a number up to the next highest even integer i.e. (2.23) = 4 k.v. ODD(number) – rounds a number up to the next highest odd integer i.e. (1.23) = 3 k.vi. INT(number) – rounds a number down to the nearest integer i.e. (4.7) = 4 k.vii. TRUNC(number, num_digits) – truncates a number to the specified number of decimal places by removing digits of lesser precision i.e. (-4.382,1) = -4.3

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BUSI 402 Ch 2 - Chapter 2 Solving Problems with Statistical...

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