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Business Stats ch 3

Basic Statistics for Business and Economics ch 3

QuestionAnswer
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.
Created by: dengler
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