Summary
Summary Statistics for Business and Economics
- Course
- Institution
Summary chapter 1 - 15 18 Statistics for Business and Economics, Third edition Jim Freeman & Eddie Shoesmith 9781408072233
[Show more]
Seller
Follow
95lianne
Reviews received
Content preview
Statistics for Business and EconomicsChapter 1 Data and Statistics
Qualitative variables
Into which of several categories a population unit falls.
Nominative variables
- Categories there is no meaningful ordening or ranking.
For example: gender, color of a car.
Ordinal variables
- Values can be meaningfully ranked.
For example: ordered from low to high, more or less, small to large.
Quantitative variables
Numbers that represent quantities.
Interval variables
- There is not an inherently defined zero point. The value can be negative. De schaal loopt in
theorie van min oneindig naar plus oneindig.
For example: temperature.
- Can only meaningfully compare values by the interval between them:
Cannot compare values by taking their ratios.
“Interval” is the arithmetic difference between the values.
Ratio variables
- There is an inherently defined zero point. The value cannot be negative. De variabelen lopen
van 0 tot plus oneindig.
For example: weight of a subject (cannot be less than zero).
- Values can be compared in terms of their interval and ratio.
, Chapter 2 Descriptive Statistics: Tabular and Graphical Methods
2.1 Graphically Summarizing Qualitative Data
Frequency distribution a table that summarizes the number (or frequency) of items in each of
several nonoverlapping classes.
Frequency hoe vaak een item van een bepaalde groep voorkomt.
Relative frequency frequency of the class / n n = the total number of observations.
Gegeven in komma-getallen, alle relative frequencies bij elkaar opgeteld is 1.0.
Weergegeven in een Relative frequency distribution.
Percent frequency multiplying the relative frequency by 100%.
Weergegeven in een Percent frequency distribution.
Bar chart (staafdiagram) a graphic that depicts a frequency, relative frequency or percent
frequency distribution.
- Horizontal axis label for each class.
- Vertical axis frequencies (can also be relative or percent frequencies).
The bars have gaps between them when data are qualitative, the bars should always be separated
by gaps in order to indicate that each class is separate from the others.
Vertical and horizontal bar charts are both possible.
Pie chart (cirkeldiagram) another graphic that can be used to depict a frequency distribution.
The circle represents the entire data set.
The Pareto Chart to help identify important quality problems and opportunities for process
improvement. See figure 2.4, p.38.
- It is a bar chart having the different categories list on the horizontal scale.
- The heights of the bars on the vertical scale represent the frequency or the percentage of
occurrence for each category.
- The bars are arranged in decreasing height from left to right.
- If an “other” category is employed, its bar is placed at the far right.
- A Pareto chart is sometimes augmented by plotting a cumulative percentage points for each
bar.
2.2 Graphically Summarizing Quantitative Data
Histogram a graphical display of a frequency distribution (staafdiagram), relative or percentage
frequency distribution. It divides measurements into into classes and graphs the frequency for each
class. 5 steps:
1. Find the number of classes 2K rule
K = number of classes
2K has to be greater than the number of measurements.
For example: 65 measurements, how many classes?
If K=6 26 =64
If K=7 27 =128
128 > 65, so the number of classes has to be 7.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller 95lianne. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.97. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62491 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now