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BUEC 232 (25)
Chapter 2

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Business Economics
BUEC 232
Lorene Linklater

BUEC 232 CHAPTER 2 Using Statistics “A mutual fund is nothing more than a collection of stocks and/or bonds. You can think of a mutual fund as a company that brings together a group of people and invests their money in stocks, bonds and other securities. Each investor owns shares, which represent a portion of the holdings of that fund” Tables and Charts of Categorical Data - When you have categorical data, you tally responses into categories and then present the frequency or percentage in each category in tables and charts Summary Table - Indicates the frequency, amount or percentage of items in a set of categories so that you can see the differences between the categories - Lists the categories in one column and the frequency, amount or percentage in a different column or columns. Bar Chart - Shows each category with a bar - Length of the bar represents the amount, frequency or percentage of values falling into a category - Allow you to compare percentages of different categories Pie Chart - A circle broken up into slices to represent categories - Size of each slice varies according to the percentage in each category Pareto Chart - The responses in the categories are plotted as vertical bars in descending order, according to their frequencies, and are combined with a cumulative percentage line - Pareto Principle: exists when the majority of items in a set of data occur in a small number of categories and the few remaining items are spread out over a large number of categories. These two groups are often referred to as the “vital few” and the “trivial many” - Chart has the ability to separate these two groups, enabling you to focus on the important categories Tables and Charts for Numerical Data - Frequency distribution: o a summary table in which the data are arranged into numerically ordered classes BUEC 232 o in constructing a frequency distribution, you must give attention to selecting the appropriate number of classes for the table, determining a suitable width of a class, and establishing the boundaries of each class grouping to avoid overlapping Determ
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