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QMS 102 (49)
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Department
Quantitative Methods
Course
QMS 102
Professor
Changping Wang
Semester
Winter

Description
Business Statistics I Dr. Changping Wang 4.3.  Descriptive Statistics III­Measure of Skewness To measure the skewness, one can use the following:                                      3(mean­median)                Skewness=  ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­                                     standard deviation a. if meanmedian, then skewness>0  (positively          skewed, skewed right); 3)  if mean=median, then skewness=0  (symmetric). Most of values are in the upper portion of the distribution. There is a long  tail and distortion to the left that is caused by some extremely small  values. These extremely small values pull the mean downward so that  mean is smaller than median. Session 5 Page 1 Business Statistics I Dr. Changping Wang Most of values are in the lower portion of the distribution. There is a long  tail and distortion to the right that is caused by some extremely large  values. These extremely large values pull the mean upward so that mean  is greater than median. Session 5 Page 2 Business Statistics I Dr. Changping Wang Example 1:  The “Gasoline and fuel oil, average retail prices by urban centre”  appeared in Statistics Canada. Gasoline and fuel oil, average retail prices by urban centre (regular unleaded gasoline at self service filling stations)            regular unleaded gasoline at self service filling stations                       
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