Percentile Notes
Percentiles
The pth percentile is a value such that at least p percent of the
observations are less than or equal to this value and at least (100 p)
percent of the observations are greater than or equal to this value.
I scored in the 70th

Basic Statistics Vocabulary Terms Notes
Applications in Business and Economics
Accounting
o
Public accounting firms use statistical sampling procedures
when conducting audits for their clients.
Finance
o
Financial analysts use a variety of statistical inf

Law of Large Numbers Notes
Law of Large Numbers
As a procedure is repeated again and again, the relative frequency
probability (from Rule 1) of an event tends to approach the actual
probability.
Probability Limits
The probability of an impossible event is

Mean, Median, and Mode Notes
Using Excel to Compute the Mean, Median, and Mode
Enter the data into cells A1:B13 for the starting salary example.
To compute the mean, activate an empty cell and enter the following
in the formula bar:
=Average(b2:b13) and c

Exploratory Data Analysis Notes
The techniques of exploratory data analysis consist of simple
arithmetic and easy-to-draw pictures that can be used to summarize
data quickly.
One such technique is the stem-and-leaf display.
A stem-and-leaf display shows b

Probability
Key Concept
This section introduces the basic concept of the probability of an
event. Three different methods for finding probability values will be
presented.
The most important objective of this section is to learn how to
interpret probabili

Type of Data Notes
Qualitative Data
Qualitative data are labels or names used to identify an attribute of
each element.
Qualitative data use either the nominal or ordinal scale of
measurement.
Qualitative data can be either numeric or nonnumeric.
The stat

Sample Notes and Exercises Notes
Populations and Samples
The population is the set of all elements of interest in a particular
study.
A sample is a subset of the population.
Descriptive Statistics and Statistical Inference
Descriptive Statistics is tabula

Numerical Methods Notes
Descriptive Statistics: Numerical Methods
Measures of Location
The Mean
The Median
The Mode
Percentiles
Quartiles
Mean
The sample mean is a sample statistic.
The population mean is a population statistic.
Sample Mean
Example: Colle

Quartiles Notes
Let:
Q1 = first quartile, or 25th percentile
Q2 = second quartile, or 50th percentile (also the median)
Q3 = third quartile, or 75th percentile
Lets compute the 1st and 3rd percentiles using the starting salary data.
Note we already comput

ASSIGNMENT #4
Question 1: (3 marks)
Question 2: (3 marks)
Question 3: (3 marks)
Assignment #4
Page 1/4
ASSIGNMENT #4
Question 4: (5 marks)
In a study of distances travelled by buses before the first major engine failure, a
sampling of 60 buses resulted in