Week 3 - Chapter 3: Business Statistics Kevin Lu

Measures of Location:

- Mean

- Weighted Mean

- Median

- Geometric Mean

- Mode

- Percentiles

- Quartiles

Mean:

- The mean provides a measure of central location.

o The mean of data set is the average of all the data values

Sample Mean:

Population Mean:

Weighted Mean:

- The weights might be the number of credit hours earned for each grade, as in GPA.

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Week 3 - Chapter 3: Business Statistics Kevin Lu

Median:

- The median of a data set is the value in the middle when the data items are arranged in

ascending order.

Trimmed Mean:

- It is obtained by deleting a percentage of the smallest and largest values form a data set

and then computing the mean of the remaining values.

Geometric Mean:

- The geometric mean is calculated by

finding the nth root of the product of n

values.

Mode:

- The mode of a data et is the value that occurs with the greatest frequency

Percentiles:

- A percentile provides information about how the data are spread over the interval from

the smallest value to the largest value.

Quartiles

- Quartiles are specific percentiles

- First quartile = 25th Percentile

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