WCOB 1033 Lecture Notes - Lecture 5: Normal Distribution, Standard Deviation, Mirror Image

• School: University of Arkansas
• Department: Walton College of Business
• Course: WCOB 1033
• Professor: Katie Terrell

Document Summary

Mirror image on both sides of its center. Outlier standard deviation from the mean. (outliner) > +/- 3. Mean the average (add up the values of all data points, & divide by the number of data points in the dataset) weakness: influenced by outliers. Mode the most frequently occurring value in a data. Describe how dispersed a set of data is. Probability distribution list all of possible values of the random variable (x-axis) Completely described by 2 parameters [mean: (mu)] [standard deviation: (sig- Change standard deviation-> make curve more/ less spread out. Mirror image on both sides of its cen- Mean the average add up the values of all data points, & divide by the number of data points in the dataset. Not affected by outliers (if the dataset is even number, it"s equal to mean of 2 middle values)