Key Terms Chapter 22: Business Statistics

Question	Answer
Bar graph	Visual representation using horizontal or vertical bars to make comparison or to show relationship on items of similar makeup.
Circle graphs	A visual representation of the parts to the whole.
Empirical Rule	For a normal distribution, nearly all the data fall within three standard deviations of the mean.
Frequency distribution	Shows by table the number of times event(s) occurs.
Index numbers	Express the relative changes in a variable compared with some base, which is taken as 100.
Line graph	Graphical presentation that involves a time element. Shows trends, failures, backlogs, and the like.
Mean	Statistical term that is found by: Sum of all figures ÷ Number of figures.
Measure of dispersion	Number that describes how the numbers of a set of data are spread out or dispersed.
Median	Statistical term that represents the central point or midpoint of a series of numbers.
Mode	Value that occurs most often in a series of numbers.
Normal distribution	Data are spread symmetrically about the mean.
Price relative	The quotient of the current price divided by some previous year’s price—the base year—multiplied by 100.
Range	Difference between the highest and lowest values in a group of values or set of data.
Standard deviation	Measures the spread of data around the mean.
Weighted mean	Used to find an average when values appear more than once.

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	Created by JOHNA THARP about 3 years ago