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Math Finance C05-L02

Wirtz Math Finance Chapter 5 Lesson 2

TermDefinition
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.