Business Statistics

Business Statistics

1. Mean, Median, and Mode

   • The mean and median are the two most common average to indicate a single value that represents an entire group of members
     • Mean
       • = sum of all values/ Number of values
         • weighted mean= sum of products/ sum of frequencies
           • GPA= Total points / total credits
     • Median
       • Indicates the measure of the data
   • the mode can also be used to describe a set of data
     • Mode
       • in a series of numbers, the value that occurs most often in the mode

2. Frequency Distributions and Graphs

   • Bar Graphs
     • Line Graphs
       • Circle Graphs

3. Measures of Dispersions

   • Range= Highest value - Lower value
     • Difference between the two extreme values in a group of values or a set of data
     • standard Deviation
       • Measures the spread of data around the mean
       • Normal Distribution
         • Data are spread symmetrically about the mean

Images and files in the map