Session:2 Descriptive Statistics
Formula Review
Introductory Business Statistics | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/introductory-business-statistics
2.2 Measures of the Location of the Data
i=(k100)(n+1)
where i = the ranking or position of a data value,
k = the kth percentile,
n = total number of data.
Expression for finding the percentile of a data value: (x + 0.5yn)
(100)
where x = the number of values counting from the bottom of the data list up to but not including the data value for which you want to find the percentile,
y = the number of data values equal to the data value for which you want to find the percentile,
n = total number of data
2.3 Measures of the Center of the Data
μ=∑fm∑f
Where f = interval frequencies and m = interval midpoints.
The arithmetic mean for a sample (denoted by x¯
) is x¯ = Sum of all values in the sampleNumber of values in the sample
The arithmetic mean for a population (denoted by μ) is μ=Sum of all values in the populationNumber of values in the population
2.5 Geometric Mean
The Geometric Mean: x˜=(∏i=1nxi)1n=x1⋅x2⋅⋅⋅xn−−−−−−−−−√n=(x1⋅x2⋅⋅⋅xn)1n
2.6 Skewness and the Mean, Median, and Mode
Formula for skewness: a3=∑(xi−x¯)3ns3
Formula for Coefficient of Variation:CV=sx¯⋅100conditioned uponx¯≠0
2.7 Measures of the Spread of the Data
sx=∑fm2n−x––2−−−−−−−−−−√
where sx= sample standard deviationx–– = sample mean
Formulas for Sample Standard Deviation s=Σ(x−x–)2n−1−−−−−−√
or s=Σf(x−x–)2n−1−−−−−−−√
or s=(∑i=1nx2)−nx¯2n−1−−−−−−−−−⎷
For the sample standard deviation, the denominator is n – 1, that is the sample size – 1.
Formulas for Population Standard Deviation σ = Σ(x−μ)2N−−−−−−√
or σ = Σf(x–μ)2N−−−−−−√
or σ=∑i=1Nx2iN−μ2−−−−−−−−⎷
For the population standard deviation, the denominator is N, the number of items in the population.