ECON 221 Lecture Notes - Lecture 3: Data Set, Sharpe Ratio, Absolute Difference
15 Sep 2016
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Population parameters: numerical descriptions of populations: sample statistics: infer about population parameters. Sample: subset of a population: sample statistics: will change for each sample. Measures of central tendency: population mean, population median, population mode: Measures of variation: population variance, population standard deviation: Arithmetic mean: primary measure of central location: sample mean: x i n x, population mean: = x i. Median: another measure of central location that is not affected by outliers: data should be arranged in ascending order, middle value is the answer, if two numbers in the middle value is the average. Mode: another measure of central location: most frequent number occurring, used for qualitative, data set can have no mode. Median: value of observation are 50% are 50% above and below o: median can be a better representation of the center skewed data. Measures of dispersion: range, mean absolute deviation (mad, variance and standard deviation, coefficient of variation (cv)
