BUSI 1450U Chapter Notes - Chapter 4: Quartile, Percentile, Unit
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Empirical statistical distribution: the empirical distribution of a variable is a description of the relative numbers of times each outcome has occurred in a number of trials, measures of location (central tendency) - mean, median, mode, quartiles, percentiles. Arithmetic mean: what (cid:449)e usuall(cid:455) (cid:272)all (cid:862)average(cid:863) is the a(cid:396)ith(cid:373)eti(cid:272) (cid:373)ea(cid:374), a mean is also called expected value, compared to a histogram for a data set, the arithmetic mean summarizes all the data. If most data values in a data set are roughly in same general range, the median and (cid:373)ea(cid:374) a(cid:396)e (cid:396)elati(cid:448)el(cid:455) (cid:272)lose togethe(cid:396). The value in the middle is the median. If there are an even amount of data values, add the middle values together and divide by two. The category with the largest frequency is the mode: for continuous data, a more useful concept is the modal class - the range with the most amount of values would be the modal class.
