# BUEC 232 Lecture Notes - Lecture 3: Average Absolute Deviation, Interquartile Range, Exploratory Data Analysis

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###### BUEC 232 Full Course Notes

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## Document Summary

Chapter topics, measures of central tendency, variation, and shape, mean, median, mode, geometric mean, quartiles, range, interquartile range, variance and standard deviation, coefficient of variation, z- scores. Symmetric and skewed distributions, kurtosis: population summary measures, mean, variance, and standard deviation, note: we (cid:449)ill not (cid:271)e (cid:272)o(cid:448)ering chap. Five-number summary and box-and-whisker plot: pitfalls in numerical descriptive measures and ethical issues. Which measure of central tendency is the best: mean is generally used, unless extreme values (outliers) exist such as highly skewed distributions. Then median is often used, since the median is not sensitive to extreme values. Example: median home prices may be reported for a region less sensitive to outliers. Suppose you receive a 5% increase in salary this year and a 15% increase next year. An investment of ,000 declined to ,000 at the end of year one and rebounded to ,000 at end of year two: