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Business Stats ch 3
Basic Statistics for Business and Economics ch 3
| Question | Answer |
|---|---|
| Parameter | A characteristic of a population. |
| Population Mean | Sum of all the values in the population divided by the number of values in the population. |
| Statistic | A characteristic of a sample. |
| Sample Mean | Sum of all the values in the sample divided by the number of values in the sample. |
| Weighted Mean | A special case of the arithmetic mean and occurs when there are several observations of the same value. |
| Median | The midpoint of the values after they have been ordered from the smallest to the largest, or the largest to the smallest. |
| Mode | The value of the observation that appears most frequently. |
| Skewed | A distribution is nonsymmetrical. |
| Positively Skewed | Skewed to the right. The arithmetic mean is the largest of the three measures of location. |
| Negatively Skewed | Skewed to the left. The arithmetic mean is the lowest of the three measures of location. |
| What are the three measures of location? | Mean, median, and mode. |
| Symmetric Distribution | The distribution had the same shape on either side of the center. Mound-shaped. The mean, median, and mode are located in the center. |
| Geometric Mean | Is useful in finding the average change of percentages, ratios, indexes, or growth rates over time. It is never greater than the arithmetic mean. |
| Range | The simplest measure of dispersion. It is the difference between the largest and the smallest values in a data set. |
| Range = | Largest Value - Smallest Value |
| Mean Deviation | The arithmetic mean of the absolute values of the deviations from the arithmetic mean. |
| Variance | The arithmetic mean of the squared deviations from the mean. |
| Standard Deviation | The square root of the variance. |
| Chebyshev's Theorem | For any set of observations (sample or population), the proportion of the values that lie within k standard deviations of the mean is at least 1-1/k^2, where k is any constant greater than 1. |
| Empirical Rule or Normal Rule | For symmetrical bell-shaped frequency distribution about 68% of the observations will lie within plus and minus 1 standard deviation of the mean; 95% of the observations will lie within 2 standard deviations, and 99.7% within 3 standard deviations. |
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dengler
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