Summary
Summary OPMT1130 ALL NOTES + Midterm/Final
- Course
- OPMT1130
- Institution
- British Columbia Institute Of Technology (BCIT )
OPMT1130 ALL NOTES + Midterm/Final
[Show more]
Seller
Follow
Content preview
OPMT 1197Business Statistics
Lecture 2: Measures of Variability
1. Below are the ages for a sample of students taken from two different sets.
Mean Median Mode
Set A 27 27 27 29 30 Close together
Set B 18 27 27 30 38 Very spread out
2. Below are three different sets of data. Calculate the range for each set of data.
Range
1 20 45 46 47 48 49 50
2 20 21 22 23 24 25 50
3 20 25 30 35 40 45 50
3. (a) Calculate the standard deviation of the ages for Set B. What is it for Set A?
2
xi x xi −
x (xi −
x )
Ages Mean Deviations Squared Deviations
18 28
27 28
27 28
30 28
38 28
Total
(b) What does it tell you about the ages of the students if the standard deviation is zero?
4. You have $5,000 to invest in the stock market. You have narrowed your choices to 2 different
stocks. Which stock is riskier?
National Bank Gold Seek
Average weekly closing price
$75 $0.80
(based on the past 52 weeks)
Standard Deviation $7.50 $2.40
Coefficient of Variation (CV)
Solutions:
1. 28, 27, 27 2. 30
3. (a) Set A: 1.4, B: 7.2 years (b) they are the same age (there is no variation in their ages)
4. 10%, 300% (Gold Seek is a very risky or volatile stock)
1
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 ungieratoskar. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$11.06. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53340 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now