REVIEWER FOR MMW
Numerical data is everywhere and everyday more data is being generated.
It is important for us to have a working knowledge of basic statistical
concepts and tools so that we can use this data correctly and
optimally.
A lot of data in in raw, - that is not been processed for use yet.
Statistics
Involves the collection, organization, summarization, presentation, and
interpretation of data.
Descriptive Statistics
The branch of mathematics that involves the collection
of organization, summarization, and presentation of
data.
Inferential Statistics
The branch that interprets, and draws conclusions
from the data.
Measure of Central Tendency
is a summary measure that attempts to describe a whole set of data
with a single value that represents the middle or
center of data set.
Most commonly used measures of central tendency
or type of averages are arithmetic mean, median and
mode.
Arithmetic Mean
The arithmetic mean or just simply mean is the sum of
the value of each observation in a data set divided by
the number of observations.
Weighted Mean
is a kind of average used when some data values are more
important than others.
Median
The median is the middle number or the mean of the two middle
numbers in a list of numbers that have been arrange in numerical order
from smallest to largest or largest to smallest.
Any list of numbers arranged in numerical order from smallest to
largest or largest to smallest is a ranked list.
Mode
The mode, is the value in the data set which occurs most
frequently.
Some lists of numbers do not have a mode. For instance, 1, 6,
8,10,32,15,49, each of number occurs exactly once. Because
no number occurs more often than the other numbers, there is
no mode.
A list of numerical data can have more than one mode. For
instance, in the list 4, 2 6, 2, 7, 9, 2, 4, 9, 8, 9, 7, the numbers
2 and 9 occurs three times . Thus 2 and 9 are both modes of
the data .
Measure of Dispersion
is a quantity that describes the spread of variability of the
observations in a given data. It is said that the higher the value, the
greater the variability is present in the data.
Range
The range is just the difference between the maximum value and the
minimum value taken from the observation, that is, R=max-min.
Measure of Position (Z-SCORE)
When you take a course in college, it is natural to wonder how you will
do compared to the other students. Will you finish in the top 10% or
will you be closer to the middle? One statistic that is often used to
measure the position of a data value with respect to other values is
known as the z-score or the standard score.
What Day is November 22, 1999
MONDAY
NOTE: refer to the one note in FINANCE for the continuation, as well as
the ARITHMETIC MODULO
