Business Statistics

Business Statistics

1. Mean

   • The average used to indicate a single value that represents an entire group of numbers.
     • Mean = Sum of all values/ Number of values
   • Median
     • A measurement that indicates the center of the data (average).
       • orderly arrange values from the smallest to the largest. Find the middle value.
     • Mode
       • A measurement that records values; the value that occurs most often.

2. Frequency Distributions and Graphs

   • A way of collecting and organizing raw data.
     • Bar graphs
       • Line graphs
         • Circle graphs

3. Measures of Dispersion

   • Range
     • The difference between the two extreme values (highest and lowest) in a group of values or a set of data.
       • Range = Highest value – Lowest value
     • Standard Deviation
       • Intended to measure the spread of data around the mean.

Bilder und Dateien der Mindmap

• Finding mean, median, and mode | Descriptive statistics | Probability and Statistics | Khan Academy (Einbetten)
• Standard Deviation - Explained and Visualized (Einbetten)