STAT 2606 Lecture Notes - Lecture 1: Statistical Inference, Scatter Plot, Pareto Chart

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Measures of location: tools such as finding the mean or median. Mean: the mean is the average of all the numbers in a set, it can be found by adding all the numbers in a set, then dividing it by the number of numbers in the set. However, if it is an even amount of numbers take the two middle values and take the average of the two by adding them together then dividing that number by two. Measures of spread: tools like variance, standard deviation, and range. The variance measures the difference between the mean and each number in a set. Step two, subtract the mean from each number in the set. Step three, square each of the results from step two. Step four, find the averages of the squared values from step three. Standard deviation, denoted , measures how dispersed a set of values are from each other. To find the standard deviation square root the variance.

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