Questions from Business Statistics

Q: What is summarization of a data set? Why is it important

What is summarization of a data set? Why is it important?

Q: Which summary measure(s) may be used on a

Which summary measure(s) may be used on a. Nominal data? b. Ordinal data? c. Quantitative data?

Q: Which summary measure is best for a. A normal distribution

Which summary measure is best for a. A normal distribution? b. Projecting total amounts? c. A skewed distribution when totals are not important?

Q: Continuing with the sample from the preceding exercise: a.

Continuing with the sample from the preceding exercise: a. Find the population mean for salary. (Note: In real life, you usually cannot find the population mean. We are peeking “behind the scenes” her...

Q: Name two ways in which percentiles are used.

Name two ways in which percentiles are used.

Q: What are the quartiles?

What are the quartiles?

Q: What is the five-number summary?

What is the five-number summary?

Q: What is a box plot? What additional detail is often included

What is a box plot? What additional detail is often included in a box plot?

Q: How should you deal with exceptions when summarizing a set of data

How should you deal with exceptions when summarizing a set of data?

Q: What is meant by a typical value for a list of numbers

What is meant by a typical value for a list of numbers? Name three different ways of finding one.