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MGQ 201

MGQ 201. Week 4 Victoria lojacono. Help Me Solve This Tool. Copying Data Tool. View an Example. Chapter 3 Homework Question 1 Notes. Mean: average Median: middle number Mode: number that occurs most often If mean > median then it’s right skewed If mean < median then it’s left skewed

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MGQ 201

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  1. MGQ 201 Week 4 Victoria lojacono

  2. Help Me Solve This Tool

  3. Copying Data Tool

  4. View an Example

  5. Chapter 3 HomeworkQuestion 1 Notes • Mean: average • Median: middle number • Mode: number that occurs most often • If mean > median then it’s right skewed • If mean < median then it’s left skewed • If the mean and median are approximately equal, it is symmetrical • Approximately equal means a difference of less than 1 • Do this in excel!

  6. Question 1

  7. Question 2 Notes Weighted Average Step 1: Find x*f (number of products * frequency) Step 2: Sum the frequencies Step 3: Sum the products (x*f) Step 4: Sum of products divided by sum of the frequencies

  8. Question 2 *Do this in excel

  9. Question 3 Note: When outliers are present in the data, the median is often the best choice because it is unaffected by them. Otherwise, either the mean or the median are both accurate measures of central tendency. When the data is categorical, the mode is the best choice when it exists.

  10. Question 3 Continued

  11. Chapter 4 Notes • Range = highest value – lowest value • Population variance = sum of squared given values – (the sum of the original values squared/number of values) Number of values • Standard deviation = square root of the variance

  12. Question 4 *see excel

  13. Question 5 Notes • Coefficient of variation = (sample standard deviation / sample mean) * 100 • Use =STDEV.S( formula in excel to find the sample standard deviation • The set with the larger coefficient of variation has more variability (or less consistency)

  14. Question 5

  15. Question 6 Notes • Z score = (x – average) / sample standard deviation • Use excel to calculate the standard deviation

  16. Question 6

  17. Question 7 Notes • Calculate mean of sample data: • Find midpoint (x) for each class • Multiply each midpoint by the appropriate frequency (x*f) • Sum (x*f) • Sum frequencies • Sample mean = sum (x*f) / sum frequencies • Calculate standard deviation of sample data • Find the midpoint – sample mean for each class • Take that answer and square it • Then multiply it by the appropriate frequency • Add the answers for each class together • Take that number divided by (sum of original frequencies – 1) • Take the square root of that number

  18. Question 7

  19. Question 8 Notes P = percentile n= number of values Take the number you get for i and round up. That number corresponds to the number in the data set. Example: If i is 2 and the data set (in order from smallest to largest) is: 8 10 12 Then the answer is 8 Because 8 is the 2nd number in the set

  20. Question 8 *Use excel to order the numbers

  21. Question 9 Notes You must order the numbers first Follow the rounding rules.

  22. Question 9 *Use excel to order the numbers

  23. Question 10 Notes In Excel: First quartile: =QUARTILE.INC(range,1) Second quartile: =QUARTILE.INC(range,2) Third quartile: =QUARTILE.INC(range,3) Inner quartile range = Q3 – Q1

  24. Question 10

  25. Question 11 Notes • Sample covariance: • 1. Find the mean of the set of x and the set of y • 2. subtract each value from each set from the mean • 3. multiply the corresponding answers for #2 [(x-mean of x)*(y-mean of y)] • 4. sum those values • 5. sum/(N-1) • Sample correlation coefficient: • 1. use STDEV.S( formula to find the sample standard deviation of each original x and y set • 2. use formula: sample covariance / (stdev of x)*(stdev of y) • Relationship between x and y • Measured by how close the correlation coefficient is to +1 or -1 • Correlation coefficient of +1 = positive linear relationship • Correlation coefficient of -1 = negative linear relationship

  26. Question 11

  27. Reminders • Stats quiz due 9/28

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