chap003_solutions - Chapter 03 - Descriptive Statistics:...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Chapter 03 - Descriptive Statistics: Numerical Methods CHAPTER 3—Descriptive Statistics: Numerical Methods 3.1 a. Population parameter: number calculated using the population measurements that describe some aspect of the population. Point estimate: a one-number estimate of the value of a population parameter. b. The sample mean is the point estimate of the population mean. 3.2 a. Equal or roughly equal. b. Mean is less than the median. c. Mean is greater than the median. 3.3 N MEAN MEDIAN MODE a 10 9.600 10.000 10.00 b 9 103.33 100.00 90.00 3.4 N MEAN MEDIAN MODE a 10 20 20 20 b 7 503 501 501 3.5 a. Sample mean = 42.954. Yes, because . b. The sample median is 43.0 The mean of 42.954 is slightly less than the median of 43. The histogram is slightly skewed to the left so the mean should be less than the median. 3.6 a. Sample mean = 5.46. Yes, because . b. Sample median = 5.25 The mean is slightly larger than the median. The histogram is somewhat skewed right which is consistent with the mean being larger than the median. 3.7 a. Sample mean = 50.575. Yes, because b. Sample median = 50.65. The mean and median are very similar which is consistent with the histogram being close to symmetric. 3.8 Mean = 99 and the median = 40. Median is better measure of typical because of the high outlier (350). 3- 1 Chapter 2: Descriptive Statistics: Numerical Methods 3.9 – 3.13 MINITAB output for all variables on data comparing lifestyles. a. b. 3.9 Somewhat skewed left; the U.S. has the lowest percentage. 3.10 Slightly skewed left, the U.S. has the lowest percentage, tied with Britain. 3.11 Skewed right; U.S. is the highest. 3.12 Skewed right; U.S. is the highest. 3.13 Skewed right; U.S. is above the mean and median. c. All dot plots below show the same skewness as noted above. Chapter 03 - Descriptive Statistics: Numerical Methods d. 3.9 U.S. has the lowest percentage. 3.10 U.S. has the lowest percentage, tied with Britain. 3.11 U.S. is the highest. 3.12 U.S. is the highest. 3.13 U.S. is above the mean and median. 3.14 Sample mean = 83.6 and sample median = 78.5 indicating data is skewed right. 3.15 a. Skewed to the right. Most players earned the league minimum. b. Earning more than the mean: about 33% Earning more than the median: 50% c. Explanations will vary. All quotes are a distortion/misrepresentation of the true earnings by the majority of players. 3.16 The range is the difference between the largest and smallest measurements in a population or sample. It is a simple measure of variation. The variance is the average of the squared deviations from the average. It measures variability in square units. The standard deviation is the square root of the variance. 3.17 Both the variance and standard deviation measure the spread of the individual values about the mean. The larger the spread, the more variation in the data....
View Full Document

This note was uploaded on 03/26/2012 for the course PM PM598 taught by Professor Ohayia during the Spring '11 term at Keller Graduate School of Management.

Page1 / 15

chap003_solutions - Chapter 03 - Descriptive Statistics:...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online