In our previous example, we only used degree days (a proxy for weather) to predict our kilowatt hour electrical use. However other factors affect electrical use. For example: number of TV's, how often someone is at home, how late someo
Summary Descriptive Measures
Location is an indicator of where the data is located.
Scale is a measure of how "spread out" data is.
Criteria for Measures of Location and Scale
Must be well defined for: Raw Data Grouped Data Theoretical Curves For Business
Summarization of Data
Now that you have collected your raw data through taking a random sample, you need to summarize it in some way so that interesting features of the data can be seen. Some data is easier to summarize than others. In fact there are four
OPRE 6301 Quantitative Introduction to Risk and Uncertainty in Business
Textbook: See Current Syllabus
Prerequisites: See Current UT Dallas Catalog for Educational and Course Prerequisites Access to a Statistical Package ( for example EXCEL with the Data