Ch4 Numerical Descriptive Techniques (1).pdf

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International Business
International Business QNM222
Nabil Ayoub

Chapter 4:Numerical Descriptive Techniques 4.1 Measures of Central Location Mean: “the average of a group of numbers” Population Mean ∑ Sample Mean ̅ ∑ Example 4.1.1: A sample of 10 students from your business class was asked how many hours they spent last week to study business statistics from ch1 to ch3. The responses are: 4h, 3h 15min, 5h, 3h, 6h, 5h 30min, 7h, 3h 30min, 6h, 4h 30min. Calculate the sample mean. Example 4.2 (p.99): MEDIAN: “the middle value in an ordered array of numbers” Example 4.1 (p.99): Example 4.3 (p.100): Example 4.4 (p.101): MODE: “the observations that occurs with the greatest frequency” Example 4.1.6: 3 4 4 5 5 5 7 8 9 11 14 15 16 16 16 16 17 19 19 20 21 22 Example 4.6 (p.102): MEAN, MEDIAN, MODE: which is Best? IN GENERAL, MEAN is the first, MEDIAN is the second, MODE is the third and last. In case of a data has extremely small or large value: Example 4.1.8: a) 11, 12, 13, 15, 16, 18, 19 b) 11, 12, 13, 15, 16, 18, 190 Homework (p.106): 4.1 – 4.6 and 4.9 – 4.11 4.2 Measures of Variability RANGE: = Largest observation – Smallest observation (simplest measure of variability) Example (p.108): Set 1 & Set 2 VARIANCE & STANDARD DEVIATION: Population Variance Sampl
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