...about week 4 homework for the class chapter 7, let the teacher know how I learned how to construct probability distributions. To examine statistical measures on 252 men who attend Silver’s Gym. Homework chapter 7 What is the importance of finding mean and median? The mean is the total sum of the data entries. To find the mean, the sum of data entries divided by the number of entries. In a data set, the median is the value that lies in the middle of the data when the data is ordered. I find this information useful because, in statistics the mean and median are used to obtain information about a population from a sample sets or observed values. In some data sets, the mean is more important than the median. For example, you want to know your mean overall grade average because the median grade average would be meaningless. However, you might be interested in a median salary to see the middle value of where salaries fall. Explain which measure, the mean or the median, is more applicable for this data set. The mean is very helpful because it indicates the future results when no values are indicated in the data set but, the mean values are very important. The median is considered more useful than the mean when there are no values in the data set that are not affected by the main value. For this data set the median is more useful because, I am trying to see where salaries fall therefore, the median will give me a better...
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...Measures of Location The average is also referred to as the arithmetic mean or simply the mean. The mean is a measure of the center of the data. Average and mean are used interchangeably to label the result of the sum of all measurements divided by the number of measurements. In mathematical notation the formula for calculating the sample mean is given below. x=x1+x2+…+xnn=i=1nxin If the value given represents the mean of all values in a population it is denoted μ. When the data are from a sample, the calculated value, in this case the mean, is referred to as a statistic. When the data represent the entire population, the value is referred to as a parameter. The primary goal of this course is to learn techniques for which we will use sample statistics to estimate or make inference about parameters. Example 1: Compute the mean of the list of numbers: 1, 5, 7, 10, 12 Answer: x=1+5+7+10+125=355=7 Example 2: In the Spring 2012 Elementary Statistics, 161 students submitted a valid numeric value, denoted xi , for the number of texts in the month prior to the date this data was collected and i=1161xi=251,832. The average number of texts in the month prior for the Spring 2012 Elementary Statistics class at ACPHS was _____________________________ Example 3: The MHEALTH.xlsx contains data for 40 male patients. Denote the variable for BMI (body mass index) as xi . Suppose i=140xi=1,039.9. The mean BMI in the male patients in this data set is _____________________....
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...Data Visually and Through Numbers Data File 2 - Chapter Three (Show all your work) 1) A teacher asked each of her students how many novels they had read in the previous six months. The results are shown below. 0 1 5 4 2 1 3 2 2 7 2 5 0 1 0 1 1 2 6 0 2 3 1 2 7 1 4 2 3 1 7 0 0 2 1 1 0 6 1 7 Construct a frequency table for the number of novels read. Solution: Number of novels read | Frequency | 0 | 7 | 1 | 11 | 2 | 9 | 3 | 3 | 4 | 2 | 5 | 2 | 6 | 2 | 7 | 4 | 2) The frequency table shows the weights in ounces of 30 stones Weight (oz) Number of Stones 1.2-1.6 5 1.7-2.1 2 2.2-2.6 5 2.7-3.1 5 3.2-3.6.1.1 13 Use the above information to construct a cumulative frequency table for the data. Solution: Weight oz | Number of stones | Relative Frequency | Cumulative Frequency | 1.2-1.6 | 5 | 5/30 = 16 2/3% | 5 | 1.7-2.1 | 7 | 2/30 = 6 2/3% | 2 + 5 = 7 | 2.2-2.6 | 12 | 5/30 = 16 2/3% | 5 + 2 + 5 = 12 | 2.7-3.1 | 17 | 5/30 = 16 2/3% | 5 + 5 + 2 + 5 = 17 | 3.2-3.6.1.1 | 30 | 13/30 = 43 1/3% | 13 + 5 + 5 + 2 + 5 = 30 | | | 100% | 30 | 3) Use the following data to construct a bar chart. Job categories Clerical Management Maintenance Professional Unemployed 5 4 6 2 1 Create a bar graph and place the above data in a bar graph. Solution: Okay, but the categories should be plotted on the x-axis and frequency should be plotted on the y-axis. 4) The data below are...
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...Berkshire market value of equity imply about the intrinsic value of PacifiCorp? The possible meaning of the change of the stock is that the facts that are created in the deal had a positive effect on both the buyers ( BRK) and the sellers which are the mother company of Pacific( Scottish power), To find the 2.55 Billion gain of BRK on the market value equity that the intrinsic value of Pacific was good because it was within the range demonstrated in the calculations I have done:- $2.55 billion / 312.8 million = $8.17 (Berkshire is willing to pay this premium for each share of PacifiCorp) 5.1 billion / 312.18 million = $16.30 per share of PacifiCorp $8.17 + 16.30 = $24.47 (all information taken from chart 9) 2. Based upon the multiples for comparable regulated utilities, what is the range of possible values for PacifiCorp? What questions might you have about this range? We find the range of possible values for PacifiCorp in chart 10:- A. Revenue median of $6.252 Billion, mean of $6.584 Billion. B. EBIT median of $8.775 Billion, mean of $9.289 Billion. C- EBITDA median of $9.023 Billion, mean of $9.076 Billion. D- Net Income median of $7.596 Billion, mean of $7.553 Billion. E- EPS median of $4.277 Billion, and a mean of $4.308 Billion. F- Book value median of $5.904 Billion, mean of $5.678 Billion. The questions we may have on PacifiCorp is about the EBITDA and the NI comparing the value of them. 3. Assess the bid for PacifiCorp. How does it compare...
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...the best use of the information contained in large data sets • Probability: helps you understand risky and random events and provides a way of evaluating the likelihood of various potential outcomes 1.1 - Why should you learn statistics? o Advertising. Effective? Which Commercial? Which markets? o Quality control. Defect rate? Cost? Are improvements working? o Finance. Risk – how high? How to control? At what cost. o Accounting. Audit to check financial statements. Is error material? o Other – economic forecasting, measuring and controlling productivity 1.2 – What is statistics? • Statistics: the art and science of collecting and understanding data o A complete and careful statistical analysis will summarize the general facts that apply to everyone and will also alert you to any exceptions. 1.3 – The Five Basic Activities of Statistics 1. Design Phase: will resolve these issues so that useful data will result a. Designing the Study involves planning the details of data gathering. Can avoid the costs & disappointment of find out – too late – that the data collected are not adequate to answer the important questions. b. The Population: large group of people, firms, or other items c. The Sample: a smaller group that consists of some of the population d. Statistical Inference: the process of generalizing from the observed sample to the larger population e. The Random Sample: best way to select a practical sample...
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...categorical. For question 2, we chose to do a dot plot in Tinkerplots for how many credit hours students are taking. We knew that this was appropriate because question 2 is a numerical question, and a dot plot is a numerical display. Another reason we felt this was an appropriate way to display our data because there is a small range of numbers so our scale would not be too big. Also, the highest number of students with the same number of credit hours is 40, which was not too high of a range either. Along the bottom, there is a consistent scale of 1 that complements our data. Although there is a large...
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...Mean, median, and mode are differing values that furnish information regarding a set of observations. The mean is used when one desires to determine the average value for data ranked in intervals. The median is used to learn the middle of graded information, and the mode is used to summarize non-numeric data. The mean is equal to the amount of all the data in a set divided by the number of values in that set. It is typically used with continuous figures. The result will probably not be one of the values in the data set, but is a representation of all those values. In other words, if I want to find the mean salary at a particular company, I would add together all the salaries and divide by the total number of salaries added: $50,000 + $56,000 + $54,500 = $53,500. The problem with mean figures is they are easily slanted by one figure that stands far above or below the others. In the previous example, if I have three annual salaries of $50,000, $56,000, and $54,500, and then the company president’s salary of $260,000, I will derive an average salary of $105,125. This mean is double the actual salaries of the lower paid workers. In this case it would be more appropriate to find the median salary. To find the median salary in the previous example, we arrange the data according to value: $50,000, $54,500, $56,000, and $260,000 and find the middle which would be $55,250. If I wanted to know the breakdown of salaries in the company, I would use mode. Using this method, I could compile...
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...PECENTILES AND STANDARDS SCORES ETC). The various forms of averages and how they are calculated Mean The mean is calculated by adding up all the numbers in a dataset and then dividing that by the number of values in that dataset. An example is given below of a dataset of six students and their test scores out of 20: S1 S2 S3 S4 S5 S6 Total Divided by: Mean 18 16 17 13 14 19 97 6 16.17 In order to find the mean test score, the total amount scored (97) is divided by the number of students (6) which equals 16.17. The formula for calculation the mean is as follows: _ X is the symbol for the mean and is referred to as bar X (ex) Σ is the Greek symbol sigma and simply means sum or add up X refers to each of the individual values that make up the dataset n is the number of values that make up the dataset The use of mean is effective when the values of the dataset are evenly spread with no extreme high or low values. If the dataset does contains one or two extremely high or low values the result will be adversely affected by this. An example of this is given below, where S1 and S4 are much lower than the other variables. S1 S2 S3 S4 S5 S6 Total Divided by: Mean 2 16 17 3 14 19 71 6 11.83 If a dataset does containing extremely low or extremely high values, then the median is a better way of measuring average value. Median This refers to the middle value in a dataset, where values are arranged from lowest to highest and vice versa. When the dataset...
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...experiment to find out differences between two groups, there will always be differences between them and most of these differences are due to things that are not even being manipulated. So, in this case Dr. Nefario randomly assigns each person that participated in the study to one of the two groups. One of the groups is a group that is allowed to sleep for 8 hours the night before the test and another group is a group that is allowed to sleep for 2 hours, so, in this case Dr. Nefario run a between subject experimental design. This random assignment is essential because it gives each condition to has an equal probability of being affected by participates’ differences. In this case, Dr. Nefario wants to see if the median response time is different between the two groups. Median is the middle score of set of data. We can find the median...
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...reduced to the specified 1, 2, 3, or 4 using the mod 3 + 1. Using the random list that was provided, I was able to use systematic sampling to select every second data value and generated a sample. To do this, I started with the second number, in the random list provided, and then picked every second number to generate a sample that was 50 numbers large (shown above). B. 1,2,3 Using excel and the methods STDEV(), AVERAGE(), MODE(), and MEDIAN() so that the standard deviation, mean/average, mode and median are calculated. Examples of these are shown below for unsuccessful applicants the process is the same for successful applicant using the other data set. To find the mean using the AVERAGE method, Excel finds the sum of all the numbers selected and divides them by the number of data points, in this case 50. Example Mean: n=1n=50Xn=2184 Where Xn=Unsuccessful applicant Mean=218450=43.68 For the MODE() method, Excel looks over all the data that is selected and finds the value that occurs the most often. In the case of unsuccessful applicants, the age of 44 occurred 6 times, which was more times than any other number. To find the median using the MEDIAN() method, Excel arranges all the ages into numerical order and finds the age that is in the center of the data. In the case of unsuccessful applicants, the median was the age of 44. Example of Standard deviation:...
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....................... 3 3.2 Arithmetic Mean of grouped data............................................................ 4 3.3 Properties of the mean............................................................................. 5 3.4 Geometric Mean....................................................................................... 6 3.5 Harmonic Mean........................................................................................6 4.0 MODE.........................................................................................................…… 7 4.1 Locating Repeated values........................................................................ 8 4.2 Estimating the Mode by Interpolation..................................................... 8 4.3 Locating the Mode by Graphical method............................................... 9 4.4 Estimating the Mode from the Mean and Median................................... 9 5.0 STANDARD DEVIATION….......................................................................... 10 5.1 Merits of Standard...
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...CHAPTER 3 Describing Data: Numerical Multiple-Choice Questions 1. A scatter plot can illustrate all of the following except: A) The median of each of the variables. B) The range of each of the variables. C) An indication of outliers. D) Patterns of values. ANSWER: A 2. For the following scatter plot, what would be your best estimate of the correlation coefficient? A) -0.8 B) -1.0 C) -0.3 D) 0.0 ANSWER: A 3. For the following scatter plot, what would be your best estimate of the correlation coefficient? A) 1.0 B) 0.8 C) 0.3 D) 0.0 ANSWER: B 4. Calculate the correlation for the following (X, Y) data: (53, 37), (34, 26), (10, 29), (63, 55), (28, 36), (58, 48), (28, 41), (50, 42), (39, 21), and (35, 46). A) 0.710 B) 100.6 C) 0.670 D) 0.590 ANSWER: D 5. Suppose that we are interested in exploring the determinants of successful high schools. One possible measure of success might be the percentage of students who go on to college. The teachers’ union argues that there should be a relationship between the average teachers’ salary and high school success. The following equation of the regression line is obtained: “% of students going on to college = 13 + 0.001Average Teachers’ Salary” Which of the following statements is true? A) Increase % of students going on to college by 0.001 percent, we would expect average teacher’s...
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...set; and the median, or the middle value in a set. Investopedia Says Investopedia explains 'Mode' For example, in the following list of numbers, 16 is the mode since it appears more times than any other number in the set: 3, 3, 6, 9, 16, 16, 16, 27, 27, 37, 48 A set of numbers can have more than one mode (this is known as bimodal) if there are multiple numbers that occur with equal frequency, and more times than the others in the set. 3, 3, 3, 9, 16, 16, 16, 27, 37, 48 In this example, both the number 3 and the number 16 are modes. If no number in a set of numbers occurs more than once, that set has no mode: 3, 6, 9, 16, 27, 37, 48 Fashion is generally an answer to the question, "What is the mode?" e.g. "What's the most popular sneaker?" or "What shirt style would most people want to wear?" 1.2) Definition of 'Median' The middle number in a sorted list of numbers. To determine the median value in a sequence of numbers, the numbers must first be arranged in value order from lowest to highest. If there is an odd amount of numbers, the median value is the number that is in the middle, with the same amount of numbers below and above. If there is an even amount of numbers in the list, the middle pair must be determined, added together and divided by two to find the median value. The median can be used to determine an approximate average. Investopedia Says Investopedia explains 'Median' To find the median value in a list with an odd amount of numbers, one would find the number that...
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...Berkshire market value of equity imply about the intrinsic value of PacifiCorp? The possible meaning of the change of the stock is that the facts that are created in the deal had a positive effect on both the buyers ( BRK) and the sellers which are the mother company of Pacific( Scottish power), To find the 2.55 Billion gain of BRK on the market value equity that the intrinsic value of Pacific was good because it was within the range demonstrated in the calculations I have done:- $2.55 billion / 312.8 million = $8.17 (Berkshire is willing to pay this premium for each share of PacifiCorp) 5.1 billion / 312.18 million = $16.30 per share of PacifiCorp $8.17 + 16.30 = $24.47 (all information taken from chart 9) 2. Based upon the multiples for comparable regulated utilities, what is the range of possible values for PacifiCorp? What questions might you have about this range? We find the range of possible values for PacifiCorp in chart 10:- A. Revenue median of $6.252 Billion, mean of $6.584 Billion. B. EBIT median of $8.775 Billion, mean of $9.289 Billion. C- EBITDA median of $9.023 Billion, mean of $9.076 Billion. D- Net Income median of $7.596 Billion, mean of $7.553 Billion. E- EPS median of $4.277 Billion, and a mean of $4.308 Billion. F- Book value median of $5.904 Billion, mean of $5.678 Billion. The questions we may have on PacifiCorp is about the EBITDA and the NI comparing the value of them. 3. Assess the bid for PacifiCorp. How does it compare...
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...Business Decision Making Unit 6 Shabnum Shabir [Type the company address] Task 1 I am a marketing executive in Apple; the purpose of this report is to review the market on apple Iphones in the UK. The research will find out what people like, where apple Iphone can improve its technology, and how customers needs and desires can be fulfilled. This can be done through gathering two sources of data such as primary and secondary and researchers can use techniques such as qualitative and quantitative. Brief background (Rationale) The increase in people using smart phones in the UK has been a vital reason for apple Iphones to grow and expand further. Announced in January 2007 and released the following June, the Iphone marked Apple's entry into the cellular phone marketplace. Described by Steve Jobs as "a wide-screen iPod with hand controls, a revolutionary mobile phone-a breakthrough Internet communications device’, the phone was the first Apple to consume device to run on OS X. Just under half of the UK population now owns a Smartphone, and Google's mobile operating system. Android is powering half of those being sold – followed by RIM's BlackBerry models with 22.5% and Apple's IPhone at 18.5%. (Robert Galbraith/Reuters) Apple’s IPhone are taking over the market for Smartphone’s and have shaped the industry into what it is today. Objectives of Research The meaning of objective research is-description of what is to be achieved? The goal is to use variable methods...
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