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)

=(100)(+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)

( + 0.5)(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=fmf

= 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

¯ = 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

=Sum of all values in the populationNumber of values in the population 

2.5 Geometric Mean

The Geometric Mean: x˜=(i=1nxi)1n=x1x2⋅⋅⋅xn−−−−−−−−−√n=(x1x2⋅⋅⋅xn)1n

~=(=1)1=1·2···=(1·2···)1 

2.6 Skewness and the Mean, Median, and Mode

Formula for skewness: a3=(xix¯)3ns3

3=(¯)33
Formula for Coefficient of Variation:CV=sx¯100conditioned uponx¯0

=¯·100conditioned upon¯0 

2.7 Measures of the Spread of the Data

sx=fm2nx––2−−−−−−−−−−√

=22 where sx= sample standard deviationx–– = sample mean

= sample standard deviation = sample mean 

Formulas for Sample Standard Deviation s=Σ(xx)2n1−−−−−−√

=()21 or s=Σf(xx)2n1−−−−−−−√

=()21 or s=(i=1nx2)nx¯2n1−−−−−−−−−⎷

=(=12)¯21 For the sample standard deviation, the denominator is n – 1, that is the sample size – 1.

Formulas for Population Standard Deviation σ = Σ(xμ)2N−−−−−−√

 = ()2 or σ = Σf(xμ)2N−−−−−−√

 = ()2 or σ=i=1Nx2iNμ2−−−−−−−−⎷

==122 For the population standard deviation, the denominator is N, the number of items in the population.

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