TAILIEUCHUNG - 14. Statistical Techniques in Business & Economics (4)

4 ­ © 2004 by The McGraw­Hill Companies, Inc. All rights reserved. 4 ­ 2 When you have completed this chapter, you will be able to:. 1. Compute and interpret the range, the mean . deviation, the variance, the standard deviation, . and the coefficient of variation of ungrouped . data. 2. Compute and interpret the range, the variance, . and the standard deviation from grouped data 3. Explain the characteristics, uses, advantages, . and disadvantages of each © 2004 by The McGraw­Hill Companies, Inc. All rights reserved. 4 ­ 3. 4. Understand Chebyshev’s theorem and the normal . or empirical rule, as it relates to a set of . observations. Compute and interpret percentiles, quartiles and the . 5. interquartile range 6. Construct and interpret box plots 7. Compute and describe the coefficient of skewness and . kurtosis of a data © 2004 by The McGraw­Hill Companies, Inc. All rights reserved. Terminology. 4 ­ 4. Range. is the difference between the . is the difference between the. largest and the . largest and the smallest value. . smallest value. . Only two values are used in its calculation Only two values are used in its calculation It is influenced by an extreme value It is influenced by an extreme value It is easy to compute and understand It is easy to compute and understandCopyright © 2004 by The McGraw­Hill Companies, Inc. All rights reserved. Terminology. 4 ­ 5. Mean Deviation. is the arithmetic mean of the absolute values of . is the arithmetic mean of the absolute values of . the deviations from the arithmetic mean. . the deviations from the arithmetic mean. Σ x − µ. MD =. N. All values are used in the calculation All values are used in the calculation It is not unduly influenced by large or small values It is not unduly influenced by large or small values The absolute values are difficult to manipulate The absolute values are difficult to manipulateCopyright © 2004 by The McGraw­Hill Companies, Inc. All rights reserved. 4 ­ 6. The weights of a sample of crates . containing books for the bookstore . (in kg) are: . 103 97 101

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