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Lecture 3

SCMA*1000Lecture 3: SCMA*1000Lecture 3: Chapter 3

6 Pages
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Department
Business
Course Code
SCMA*1000
Professor
Henk Brand

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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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Description
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.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 geomet
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