QMS 102 Lecture Notes - Lecture 4: Level Of Measurement, Decision Rule, Standard Deviation

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 102
• Professor: all

Document Summary

Qms 102 - lecture 4 - measures of central location. Usually, two types of measures are focused when describing population characteristics. The measure of central location reflects the location of all the actual data points. The arithmetic mean, or average, simply as mean, is the most popular and useful measure of central location. It is computed by adding up all the observations and dividing by the total of observations. Is seriously affected by extreme values called outliers. Every interval data has a unique mean. Sum of deviations from mean is 0. Not meaningful for nominal or ordinal data. Useful comparing 2 or more data sets. Weighted mean is a method of computing a kind of arithmetic mean of a set of numbers in which some elements of the set carry more importance than others. When weighted method to calculate the mean is used, the frequencies or relative frequencies will be the appropriate weights.