ChaPTER 3 Statistical Description of data to accompany Introduction to business statistics fourth edition by ronald m. Weiers Presentation by Priscilla Chaffe-Stengel Donald N. stengel o The Wadsworth Group
CHAPTER 3: Statistical Description of Data to accompany Introduction to Business Statistics fourth edition, by Ronald M. Weiers Presentation by Priscilla Chaffe-Stengel Donald N. Stengel © 2002 The Wadsworth Group
l Chapter 3- Learning objectives Describe data using measures of central tendency and dispersion for a set of individual data values, and for a set of grouped data Convert data to standardized values Use the computer to visually represent data Use the coefficient of correlation to measure association between two quantitative variables C 2002 The Wadsworth Group
Chapter 3 - Learning Objectives • Describe data using measures of central tendency and dispersion: – for a set of individual data values, and – for a set of grouped data. • Convert data to standardized values. • Use the computer to visually represent data. • Use the coefficient of correlation to measure association between two quantitative variables. © 2002 The Wadsworth Group
ll Chapter 3-Key terms Measures of·Mean Centra u, population; x, sample Tendency, Weighted mean The center Median Mode Note comparison of mean median, an d mode) @2002 The Wadsworth Group
Chapter 3 - Key Terms • Measures of Central Tendency, The Center • Mean – µ, population; , sample • Weighted Mean • Median • Mode (Note comparison of mean, median, and mode) x © 2002 The Wadsworth Group
ll Chapter 3-Key terms · Measures of· Range Dispersion Mean absolute deviation The spread Variance (Note the computational difference between o and s2 ● Standard deviation Interquartile range Interquartile deviation Coefficient of variation o 2002 The Wadsworth Group
Chapter 3 - Key Terms • Measures of Dispersion, The Spread • Range • Mean absolute deviation • Variance (Note the computational difference between s 2 and s 2 .) • Standard deviation • Interquartile range • Interquartile deviation • Coefficient of variation © 2002 The Wadsworth Group
ll Chapter 3-Key terms Measures of Q uantiles Relative Quartiles Position Deciles Percentiles Residuals Standardized values @2002 The Wadsworth Group
Chapter 3 - Key Terms • Measures of Relative Position • Quantiles – Quartiles – Deciles – Percentiles • Residuals • Standardized values © 2002 The Wadsworth Group