Ch 22 Business Statistics

Ch 22 Business Statistics

1. Mean (Average)

   • Sum of all values / # of values
   • Weighted Mean
     • Values appearing more than once
       • Sum of products / sum of frequencies

2. Median

   • Center (middle) of data
     • Odd number of values it is the middle number
     • Even number of values - take the value of the two middle numbers and divide by 2

3. Frequency Distributions

   • A way to organize a list of numbers or amounts not arranged in any particular way

4. Mode

   • a measurement that records values in a series of numbers. The value that occurs most often

5. Graphs

   • Circle Graphs
     • Also called Pie Graphs
       • Shows relationship of parts to a whole
   • Line Graphs
     • shows trends over a period of time
   • Bar Graphs
     • Height represents frequency; see changes that occurred over a period of time

6. Measures of Dispersion

   • A number that describes how the numbers of a set of data are spread out or dispersed
     • Range
       • The difference between two extreme values (Highest and lowest) in a group of values or a set of data
     • Standard Deviation
       • intended to measure the spread of data around the mean
     • Normal Distribution (Empirical Rule)
       • data that is spread symmetrically about the mean. Also known as the bell curve.