Statistics Chapter 3 - Numerical Methods

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Author:
honestkyle
ID:
200268
Filename:
Statistics Chapter 3 - Numerical Methods
Updated:
2013-04-11 14:46:55
Tags:
mean median mode variance quartiles percentiles deviation skew stats
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Description:
Measuring standard deviations and variance based on mean, median, and mode.
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  1. What is variability?
    One of the foundations of the concept of risk and uncertainty
  2. What does minimum variability mean?
    There is no variability
  3. Measures of variability are also called what?
    Measures of dispersion
  4. What are some examples of variability measures?
    • Range
    • Interquartile range
    • Variance
    • Standard deviation
    • Coefficient of variation
  5. What is the range?
    Largest value - smallest value
  6. What is the purpose of the interquartile range?
    • Solves the problem of high and low extreme values
    • Trimmed mean
    • Represents central 50%
  7. What is the interquartile range equation?
    IQR = Q3 - Q1
  8. What is the variance?
    The average squared deviations from the mean
  9. What is the variance equation for a sample statistic?


    Standard deviation (un-squared)
  10. What is the variance equation of a population parameter?


    Standard deviation (un-squared)
  11. How is standard deviation measured?
    Same units as the data
  12. What does the coefficient of variation measure?
    Indicates the extent of variation relative to the mean
  13. What is the coefficient of variation equation?
  14. If the coefficient variation (CV) > 100%, what does that mean?
    High variation
  15. If the coefficient variation < 100%, what does that mean?
    Low variation
  16. What is the skewness of a histogram where mean > median?
    Positive or right skewness
  17. What is the skewness of a histogram where the mean < median?
    Negative or left skewness
  18. What is the skewness of a histogram where the mean = median?
    No skewness

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