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# Math Finance C05-L02

### Wirtz Math Finance Chapter 5 Lesson 2

Term | Definition |
---|---|

statistics (p224) | Mathematics that deals with the collection, analysis, and interpretation of numerical facts or data |

data (p64, 224) | A set of numbers. |

measures of central tendency (p224) | Single numbers, such as the mean, median, mode, designed to represent a "typical" value for the data. |

mean (p196, 225) | Often referred to as average; the sum of all the numbers in a data set divided by the number of elements in the data set. |

arithmetic average (p225) | The sum of all the numbers in a data set divided by the number of elements in the data set. |

outlier (p225) | Numbers in a data set that are extreme values. |

median (p225) | the middle number when numbers are in ascending or descending order. |

ascending order (p225) | Numbers that are in order from the least value to the greatest value. |

descending order (p225) | Numbers that are in order from the greatest value to the least. |

skew (p225) | When the mean of a data set is not equal to the median. |

resistant (p225) | When a value or measure of central tendency does not change easily or significantly due to an extreme value. |

range (p70) | The set of second elements (y-values) that correspond with a set of x-values. |

quartiles (p227) | Three values represented by Q1, Q2, and Q3 that divide the distribution into four subsets that each contain 25% of the data. |

lower quartiles (p227) | Q1 is the first quartile and 25% of the numbers in the data set are at or below Q1. |

upper quartiles (p227) | Q3 is the third quartile and 75% of the numbers in the data set are at or below Q3. |

subscripts (p227) | Small numbers, similar to exponents, except in the descending position that are used to name quartiles |

interquartile range (IQR) (p227) | The difference between the upper and lower quartiles; found by subtracting Q3 - Q1. |

mode (p228) | The most often occurring value in a data set; there can be more than one mode or no modes at all |

bimodal (p228) | A set of data that has two modes. |

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shelley.wirtz