Flashcards on Comprehensive Guide to Business Statistics
Comprehensive Guide to Business Statistics for Students
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Descriptive Statistics & Visualization
156 cards
Card 1
Question: What is the formula for the mean (average) of a dataset and what do the symbols represent?
Answer: \(\bar{X}=\dfrac{\sum X_i}{n}\), where \(\bar{X}\) is the average, \(\sum X_i\) is the sum of all observations, and \(n\) is the number of observation
Card 2
Question: How do you compute the mean from grouped data using class midpoints and frequencies?
Answer: Multiply each class midpoint by its class frequency, sum those products, and divide by the total frequency: \(\bar{x}=\dfrac{\sum (\text{midpoint}\tim
Card 3
Question: In raw data, how is the median defined and how do you compute it for an even number of observations?
Answer: The median is the middle value such that 50% of observations lie above and below it. For an even number of observations, order the data and take the a
Card 4
Question: How is the mode defined for a dataset?
Answer: The mode is the value that occurs most frequently in the dataset.
Card 5
Question: Why might the median be preferred over the mean in the presence of extreme values?
Answer: Because the mean is influenced by extreme (outlier) values while the median is not; an extreme value can change the mean substantially but leave the m
Card 6
Question: What units do the mean, median, and mode have relative to the original data?
Answer: They all have the same units as the original data.
Card 7
Question: When are mean and median called statistics versus parameters?
Answer: If computed from a sample they are called statistics; if computed for an entire population they are called parameters.
Card 8
Question: Can measures like mean, median, and mode be applied to qualitative variables? Explain.
Answer: No. These measures are for quantitative variables only because mathematical operations are meaningful; qualitative variables (e.g., type of job) canno
Card 9
Question: What are class boundaries and why are they introduced when dealing with grouped data?
Answer: Class boundaries are the limits (e.g., 6.5–10.5) that define continuous intervals for classes; they are introduced because grouped data represent inte
Card 10
Question: Given the raw dataset 15,13,8,21,22,14,7,10,10,16,11,18,18,18,17,24, what are the mean, median, and mode as computed in the example?
Answer: Mean = 242/16 = 15.125; Median = average of two middle values (15 and 16) = 15.5; Mode = 10 and 18 (both occur more than once).