STATS 250 Lecture 2: STATS 280 NOTES 9:13
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Summarizing the list of numbers: measures of location. Take a median: measures of spread. Median: median is resistant to outliers, median may be preferable when data is skewed if it conforms to what is meant by. Median since a few houses could be overly priced which may not be representative of the rest of the houses in the city. Mean would be used if you"re interested in tax revenue or real estate where all houses must be accounted for. Standard deviation: say you have data x1, x2, x3, , xn, mean, variance, standard deviation is . Standard deviation vs iqr or mad: variance is average of all squared numbers average squared. = average of squared deviations: same considerations as mean vs median. Sd represents mean while iqr and mad represents median: sd is not resistant to outliers while iqr and mad are. Min, 1st quartile (25%), median, 3rd quartile (75%), max.