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Unformatted text preview: Chapter 3 Describing Data: Numerical Measures After completing this chapter, you should be able to: Compute and interpret the mean, median, and mode for a set of data Compute the range, variance, and standard deviation and know what these values mean Compute and explain the coefficient of variation Use the empirical to describe the shape of data sets Chapter Goals Chapter Topics Measures of Center and Location Mean, median, mode Other measures of Location Weighted mean, percentiles, quartiles Measures of Variation Range, interquartile range, variance and standard deviation, coefficient of variation Summary Measures Center and Location Mean Median Mode Other Measures of Location Weighted Mean Describing Data Numerically Variation Variance Standard Deviation Coefficient of Variation Range Percentiles Interquartile Range Quartiles Measures of Center and Location Center and Location Mean Median Mode Weighted Mean N x n x x N i i n i i 1 1 i i i W i i i W w x w w x w X Overview Mean (Arithmetic Average) The Mean is the arithmetic average of data values Sample mean Population mean n = Sample Size N = Population Size n x x x n x x n n i i 2 1 1 N x x x N x N N i i 2 1 1 Mean (Arithmetic Average) The most common measure of central tendency Mean = sum of values divided by the number of values Affected by extreme values (outliers) (continued) 0...
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This note was uploaded on 03/22/2012 for the course FINA 210 taught by Professor Dakroub during the Spring '12 term at American University in Cairo.
 Spring '12
 Dakroub
 Finance

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