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Explain what central tendency and variability are. In your answer define what the mean, median, mode, variance, and standard deviation are. What is the difference between the descriptive standard deviation and the unbiased estimate of the standard deviation? When would you use the unbiased estimate?
Central tendency is to describe where the data are and variablityis how spread out the data are.. Variability tells on how constant the score are. The mean is the sum of all the values in a group divided by the number of the values in that group. The median is the average but of a different kind, the median in the midpoint in a set of scores, it is the half way point which is 50% the mode is the last measure of central tendency it is the precise measure of the central tendency. variances is used as a measure of how far a set of numbers are spread out from each other and the Standard deviation represents the average amount of variablity in a set of scores. The standard deviation is the square root of the variance.
Simple Linear Regression One calculate of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over
Poisson Distribution The poisson Distribution was discovered by French mathematician simon denis poisson. It is a discrete probability distribution. Meaning : In bi
the president of a certain firm concerned about the safety record of the firms employee sets aside $50 million a year for safety education. the firms accountant believes that more
Coefficient of Variation The standard deviation discussed above is an absolute measure of dispersion. The corresponding relative measure is known as the coefficient of vari
To determine the proportion of people in your town who are smokers, it has been decided to poll people at one of the following local spots: (a) the pool hall; (b) the bowling alley
a b c d e supply p 3 4 6 8 8 20 q 2 6 0 5 8 30 r 7 11 20 40 3 15 s 1 0 9 14 6 13 d 15 3 12 10 20
Statistical Errors Statistical data are obtained either by measurement or by observation. Hence to think of perfect accuracy is only a delusion or a myth, It is no
Advantages It is especially useful in case of open-end classes since only the position and not the values of items must be known. The median is also recommended if th
1 A penny is tossed 5 times. a. Find the chance that the 5th toss is a head b. Find the chance that the 5th toss is a head, given the first 4 are tails.
Lorenz Curve It is a graphic method of measuring dispersion. This curve was devised by Dr. Max o Lorenz a famous statistician. He used this technique for wealth it i
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