Applied Statistics: Summary statistics:

Measures of Central Tendency

Sargis Maghakyan
PhD candidate in Economics (CERGE-EI)
American University of Armenia

Lecture 4, 5 and 6: Chapter 3

January 25, 2023
January 27, 2023
January 30, 2023
Learning Objectives

In this chapter, you learn:

▪To describe the properties of central
tendency, variation, and shape in numerical
data
▪To construct and interpret a boxplot
▪To compute descriptive summary measures for
a population
▪To compute the covariance and the coefficient
of correlation
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Summary Definitions
▪The central tendency is the extent to which
all the data values group around a typical or
central value. DCOVA

▪The variation is the amount of dispersion or

scattering of values

▪The shape is the pattern of the distribution

of values from the lowest value to the highest
value.

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Measures of Central Tendency: The Mean
▪The arithmetic mean (often just called the “mean”) is the most
common measure of central tendency
DCOVA
▪For a sample of size n:

The ith value

Pronounced x-bar
n

X i
X1 + X 2 +  + Xn
X= i=1
=
n n
Sample size Observed values

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Measures of Central Tendency: The Mean

▪The most common measure of central tendency

▪Mean = sum of values divided by the number of values DCOVA
▪Affected by extreme values (outliers) (continued)

11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20

Mean = 13 Mean = 14

11 + 12 + 13 + 14 + 15 65 11 + 12 + 13 + 14 + 20 70
= = 13 = = 14
5 5 5 5

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Measures of Central Tendency: The Median
DCOVA
▪In an ordered array, the median is the “middle” number (50% above,
50% below)

11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20

Median = 13 Median = 13

▪ Not affected by extreme values

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Measures of Central Tendency: Locating the Median
▪The location of the median when the values are in numerical order
(smallest to largest):
DCOVA
n +1
Median position = position in the ordered data
2

▪If the number of values is odd, the median is the middle number

▪If the number of values is even, the median is the average of the two
middle numbers

n +1
Note that is not the value of the median, only the position of
2

the median in the ranked data

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Measures of Central Tendency: The Mode
▪Value that occurs most often DCOVA
▪Not affected by extreme values
▪Used for either numerical or categorical (nominal) data
▪There may be no mode
▪There may be several modes

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0 1 2 3 4 5 6

Mode = 9 No Mode

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Measures of Central Tendency:Review Example
House Prices: ▪ Mean: ($3,000,000/5) DCOVA
= $600,000
$2,000,000 ▪ Median: middle value of ranked data
$ 500,000 = $300,000
$ 300,000 ▪ Mode: most frequent value
$ 100,000 = $100,000
$ 100,000
Sum $ 3,000,000

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Measures of Central Tendency: Which Measure to
Choose?
▪The mean is generally used, unless extreme
values (outliers) exist.
▪The median is often used, since the medianDCOVA
is
not sensitive to extreme values. For example,
median home prices may be reported for a
region; it is less sensitive to outliers.
▪In some situations it makes sense to report
both the mean and the median.

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Measure of Central Tendency For The Rate Of Change Of A Variable
Over Time: The Geometric Mean & The Geometric Rate of Return
▪Geometric mean
▪Used to measure the rate of change of a variable over time
DCOVA
X G = (X1  X 2   X n )1/ n
▪Geometric mean rate of return
▪Measures the status of an investment over time

RG = [(1 + R1 )  (1 + R 2 )    (1 + Rn )]1/ n − 1

▪Where Ri is the rate of return in time period i

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The Geometric Mean Rate of Return: Example
An investment of $100,000 declined to $50,000 at the end of
year one and rebounded to $100,000 at end of year two:
DCOVA

X1 = $100,000 X2 = $50,000 X3 = $100,000

50% decrease 100% increase

The overall two-year per year return is zero,

since it started and ended at the same level.

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The Geometric Mean Rate of Return: Example
Use the 1-year returns to compute the
arithmetic mean and the geometric mean: DCOVA
(continued)

Arithmetic (−.5) + (1)

mean rate of X = = .25 = 25% Misleading result
2
return:

Geometric R G = [(1 + R1 )  (1 + R2 )    (1 + Rn )]1 / n − 1 More

mean rate representative
= [(1 + (−.5))  (1 + (1))]1 / 2 − 1
of return: result
= [(.50)  (2)]1 / 2 − 1 = 11 / 2 − 1 = 0%

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Measures of Central Tendency: Summary

DCOVA
Central
Tendency

Arithmetic Median Mode Geometric

Mean Mean
XG = ( X1  X2    Xn )1/ n
n

X i Middle value Most

Rate of change
X= i =1
in the ordered frequently
of a variable
n
array observed value
over time

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Measures of Variation

DCOVA
Variation

Range Variance Standard Coefficient

Deviation of Variation

◼ Measures of variation give

information on the spread
or variability or dispersion
of the data values.
Same center,
different variation

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Measures of Variation: The Range
▪Simplest measure of variation
▪Difference between the largest and the smallestDCOVA
values:
Range = Xlargest – Xsmallest
Example: 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Range = 13 - 1 = 12

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Measures of Variation: Why The Range Can Be Misleading

▪ Ignores the way in which data are distributed

DCOVA

Range = 12 - 7 = 5 Range = 12 - 7 = 5

7 8 9 10 11 12 7 8 9 10 11 12

▪ Sensitive to outliers

1,1,1,1,1,1,1,1,1,1,1,2,2,2,2,2,2,2,2,3,3,3,3,4,5

Range = 5 - 1 = 4

1,1,1,1,1,1,1,1,1,1,1,2,2,2,2,2,2,2,2,3,3,3,3,4,120

Range = 120 - 1 = 119

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Measures of Variation: The Sample Variance
▪Average (approximately) of squared deviations of values from the
mean

▪ Sample variance: DCOVA

n

 i
(X − X ) 2

S2 = i=1
n -1
Where X = arithmetic mean
n = sample size
Xi = ith value of the variable X

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Measures of Variation: The Sample Standard Deviation

▪Most commonly used measure of variation

▪Shows variation about the mean DCOVA
▪Is the square root of the variance
▪Has the same units as the original data
n

▪Sample standard deviation:  i

(X − X ) 2

S= i=1
n -1

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Measures of Variation: The Standard Deviation
Steps for Computing Standard Deviation
DCOVA
1. Compute the difference between each value and the
mean.
2. Square each difference.
3. Add the squared differences.
4. Divide this total by n-1 to get the sample variance.
5. Take the square root of the sample variance to get
the sample standard deviation.

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Measures of Variation: Sample Standard Deviation Calculation Example
DCOVA

Sample
Data (Xi) : 10 12 14 15 17 18 18 24
n=8 Mean = X = 16
(10 − X)2 + (12 − X)2 + (14 − X)2 +  + (24 − X)2
S=
n −1

(10 − 16)2 + (12 − 16)2 + (14 − 16)2 +  + (24 − 16)2

=
8 −1

130 A measure of the “average”

= = 4.3095 scatter around the mean
7

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Measures of Variation: Comparing Standard Deviations

DCOVA
Data A
Mean = 15.5
11 12 13 14 15 16 17 18 19 20 S = 3.338
21
Data B Mean = 15.5

11 12 13 14 15 16 17 18 19 20
S = 0.926
21
Data C Mean = 15.5
S = 4.570
11 12 13 14 15 16 17 18 19 20
21

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Measures of Variation: Comparing Standard Deviations

DCOVA

Smaller standard deviation

Larger standard deviation

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Measures of Variation: Summary Characteristics
▪The more the data are spread out, the greater the
range, variance, and standard deviation.
DCOVA

▪The more the data are concentrated, the smaller the

range, variance, and standard deviation.

▪If the values are all the same (no variation), all these
measures will be zero.

▪None of these measures are ever negative.

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Measures of Variation: The Coefficient of Variation

▪Measures relative variation

▪Always in percentage (%) DCOVA

▪Shows variation relative to mean

▪Can be used to compare the variability of two
or more sets of data measured in different
units
 S
CV =    100%

 X 

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Measures of Variation: Comparing Coefficients of Variation
▪Stock A:
▪Average price last year = $50
▪Standard deviation = $5 DCOVA

S $5
CVA =    100% =  100% = 10%
X $50
▪Stock B: Both stocks have
▪Average price last year = $100 the same standard
deviation, but stock
▪Standard deviation = $5 B is less variable
relative to its price

S $5
CVB =    100% =  100% = 5%
X $100

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Measures of Variation: Comparing Coefficients of Variation
▪Stock A:
▪Average price last year = $50
▪Standard deviation = $5 DCOVA
(continued)

S $5
 
CVA =    100% =  100% = 10%
X $50
▪Stock C: Stock C has a much
▪Average price last year = $8 smaller standard
deviation but a
▪Standard deviation = $2 much higher
coefficient of
 S  $2 variation
CVC =    100% =  100% = 25%

X  $8

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Locating Extreme Outliers: Z-Score
▪To compute the Z-score of a data value, subtract
the mean and divide by the standard deviation.
DCOVA

▪The Z-score is the number of standard deviations a

data value is from the mean.

▪A data value is considered an extreme outlier if its

Z-score is less than -3.0 or greater than +3.0.

▪The larger the absolute value of the Z-score, the

farther the data value is from the mean.
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Locating Extreme Outliers: Z-Score

DCOVA
X−X
Z=
S
where X represents the data value
X is the sample mean
S is the sample standard
deviation

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Locating Extreme Outliers: Z-Score
▪Suppose the mean math SAT score is 490, with a
standard deviation of 100. DCOVA
▪Compute the Z-score for a test score of 620.

X − X 620 − 490 130

Z= = = = 1.3
S 100 100

A score of 620 is 1.3 standard deviations

above the mean and would not be considered
an outlier.

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Shape of a Distribution

▪Describes how data are distributed

▪Two useful shape related statistics are:
DCOVA

▪Skewness
▪Measures the amount of asymmetry in a
distribution
▪Kurtosis
▪Measures the relative concentration of values in
the center of a distribution as compared with
the tails
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Shape of a Distribution (Skewness)
▪Describes the amount of asymmetry in distribution
▪Symmetric or skewed DCOVA

Left-Skewed Symmetric Right-Skewed

Mean < Median Mean = Median Mean > Median

Skewness
<0 0 >0
Statistic

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Shape of a Distribution (Kurtosis)
▪Describes relative concentration of values in the center
as compared to the tails
DCOVA

Flatter Than Bell-Shaped Sharper Peak

Bell-Shaped Than Bell-Shaped

Kurtosis
<0 0 >0
Statistic

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General Descriptive Stats Using Microsoft Excel
Functions
DCOVA

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General Descriptive Stats Using Microsoft Excel Data
Analysis Tool
DCOVA

1. Select Data.

2. Select Data Analysis.

3. Select Descriptive Statistics

and click OK.

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General Descriptive Stats Using Microsoft Excel
DCOVA

4. Enter the cell range.

5. Check the Summary
Statistics box.
6. Click OK

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Excel output
DCOVA

Microsoft Excel
descriptive statistics output,
using the house price data:

House Prices:

$2,000,000
500,000
300,000
100,000
100,000

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Quartile Measures
▪Quartiles split the ranked data into 4 segments with an
equal number of values per segment
DCOVA

25% 25% 25% 25%

Q1 Q2 Q3

◼ The first quartile, Q1, is the value for which 25% of the observations are smaller
and 75% are larger
◼ Q2 is the same as the median (50% of the observations are smaller and 50% are
larger)
◼ Only 25% of the observations are greater than the third quartile

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Quartile Measures: Locating Quartiles

Find a quartile by determining the value in the

appropriate position in the ranked data, where
DCOVA
First quartile position: Q1 = (n+1)/4 ranked value

Second quartile position: Q2 = (n+1)/2 ranked value

Third quartile position: Q3 = 3(n+1)/4 ranked value

where n is the number of observed values

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Quartile Measures: Calculation Rules

▪When calculating the ranked position use the following

rules
DCOVA
▪If the result is a whole number then it is the ranked
position to use

▪If the result is a fractional half (e.g. 2.5, 7.5, 8.5, etc.) then
average the two corresponding data values.

▪If the result is not a whole number or a fractional half then

round the result to the nearest integer to find the ranked
position.

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Quartile Measures: Locating Quartiles
DCOVA

Sample Data in Ordered Array: 11 12 13 16 16 17 18 21 22

(n = 9)
Q1 is in the (9+1)/4 = 2.5 position of the ranked
data
so use the value half way between the 2nd and 3rd
values, so Q1 = 12.5

Q1 and Q3 are measures of non-central location

Q2 = median, is a measure of central tendency
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Quartile Measures Calculating The Quartiles: Example
DCOVA

Sample Data in Ordered Array: 11 12 13 16 16 17 18 21 22

(n = 9)
Q1 is in the (9+1)/4 = 2.5 position of the ranked data,
so Q1 = (12+13)/2 = 12.5

Q2 is in the (9+1)/2 = 5th position of the ranked data,

so Q2 = median = 16

Q3 is in the 3(9+1)/4 = 7.5 position of the ranked data,

so Q3 = (18+21)/2 = 19.5

Q1 and Q3 are measures of non-central location

Q2 = median, is a measure of central tendency
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Quartile Measures: The Interquartile Range (IQR)
▪ The IQR is Q3 – Q1 and measures the spread in the
middle 50% of the data
DCOVA

▪ The IQR is also called the midspread because it

covers the middle 50% of the data

▪ The IQR is a measure of variability that is not

influenced by outliers or extreme values

▪ Measures like Q1, Q3, and IQR that are not

influenced by outliers are called resistant measures

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Calculating The Interquartile Range
DCOVA

Example box plot for:

Median
Xminimum Q1 (Q2) Q3 Xmaximum
25% 25% 25% 25%

12 30 45 57 70

Interquartile range
= 57 – 30 = 27

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The Five-Number Summary
The five numbers that help describe the center,
spread and shape of data are: DCOVA
▪ Xsmallest
▪ First Quartile (Q1)
▪ Median (Q2)
▪ Third Quartile (Q3)
▪ Xlargest

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Relationships among the five-number summary and distribution shape

Left-Skewed Symmetric Right-Skewed

Median – Xsmallest Median – Xsmallest Median – Xsmallest
> ≈ <
DCOVA
Xlargest – Median Xlargest – Median Xlargest – Median
Q1 – Xsmallest Q1 – Xsmallest Q1 – Xsmallest
> ≈ <
Xlargest – Q3 Xlargest – Q3 Xlargest – Q3
Median – Q1 Median – Q1 Median – Q1
> ≈ <
Q3 – Median Q3 – Median Q3 – Median
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Five-Number Summary and The Boxplot
▪The Boxplot: A Graphical display of the data based on
the five-number summary:

DCOVA

Xsmallest -- Q1 -- Median -- Q3 -- Xlargest

Example:
25% of data 25% 25% 25% of data

of data of data

Xsmallest Q1 Median Q3 Xlargest

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Five-Number Summary: Shape of Boxplots
▪ If data are symmetric around the median then the box and central
line are centered between the endpoints

DCOVA

Xsmallest Q1 Median Q3 Xlargest

▪ A Boxplot can be shown in either a vertical or horizontal orientation

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Distribution Shape and The Boxplot
DCOVA

Left-Skewed Symmetric Right-Skewed

Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q 3

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Boxplot Example
DCOVA

▪ Below is a Boxplot for the following data:

Xsmallest Q1 Q2 Q3 Xlargest

0 2 2 2 3 3 4 5 5 9 27

00 22335 5 27 27

▪ The data are right skewed, as the plot depicts

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Numerical Descriptive Measures for a Population
▪Descriptive statistics discussed previously described a sample,
not the population.

▪Summary measures describing a population, called DCOVA

parameters, are denoted with Greek letters.

▪Important population parameters are the population mean,

variance, and standard deviation.

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Numerical Descriptive Measures for a Population: The mean µ

▪The population mean is the sum of the values in the

population divided by the population size, N
DCOVA
N

X i
X1 + X 2 +  + XN
= i=1
=
N N

μ = population mean
Where N = population size
Xi = ith value of the variable X

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Numerical Descriptive Measures For A Population: The
Variance σ2
▪Average of squared deviations of values from the
mean
DCOVA

▪Population variance: N

 i
(X − μ) 2

σ2 = i=1
N
μ = population mean
Where N = population size
Xi = ith value of the variable
X

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Numerical Descriptive Measures For A Population: The Standard Deviation σ

▪Most commonly used measure of variation

▪Shows variation about the mean
▪Is the square root of the population variance DCOVA

▪Has the same units as the original data

N

 i
(X − μ) 2

▪Population standard deviation: σ= i=1

N

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Sample statistics versus population parameters

DCOVA

Measure Population Sample

Parameter Statistic
Mean
 X
Variance
2 S2
Standard  S
Deviation

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The Empirical Rule
DCOVA

▪The empirical rule approximates the variation of data in a

bell-shaped distribution
▪Approximately 68% of the data in a bell shaped distribution is
within ± one standard deviation of the mean or μ  1σ

68%

μ
μ  1σ

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The Empirical Rule

▪Approximately 95% of the data in a bell-shaped distribution

lies within ± two standard deviations of the mean, or µ ± 2σ
DCOVA
▪Approximately 99.7% of the data in a bell-shaped
distribution lies within ± three standard deviations of the
mean, or µ ± 3σ

95% 99.7%

μ  2σ μ  3σ

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Using the Empirical Rule
▪Suppose that the variable Math SAT scores is bell-
shaped with a mean of 500 and a standard deviation
of 90. Then,
DCOVA
▪ 68% of all test takers scored between 410 and 590
(500 ± 90).

▪ 95% of all test takers scored between 320 and 680

(500 ± 180).

▪ 99.7% of all test takers scored between 230 and 770

(500 ± 270).

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Chebyshev Rule
▪Regardless of how the data are distributed, at least
(1 - 1/k2) x 100% of the values will fall within k
standard deviations of the mean (for k > 1)
DCOVA
▪ Examples:
(1 - 1/22) x 100% = 75% …........ k=2 (μ ± 2σ)
(1 - 1/32) x 100% = 89% ………. k=3 (μ ± 3σ)
At least within

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The Covariance
▪The covariance measures the strength of the linear
relationship between two numerical variables (X & Y)
DCOVA

▪The sample covariance:

n

 ( X − X)( Y − Y )
i i
cov ( X , Y ) = i=1
n −1

▪Only concerned with the strength of the relationship

▪No causal effect is implied

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Interpreting Covariance
▪Covariance between two variables:
cov(X,Y) > 0 X and Y tend to move in the same direction DCOVA

cov(X,Y) < 0 X and Y tend to move in opposite directions

cov(X,Y) = 0 X and Y are independent

▪The covariance has a major flaw:

▪It is not possible to determine the relative strength of the
relationship from the size of the covariance

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Coefficient of Correlation
▪Measures the relative strength of the linear relationship
between two numerical variables
▪Sample coefficient of correlation: DCOVA
cov (X , Y)
r=
SX SY

where
n

 (Xi − X)(Yi − Y)
n n

 (X − X)i
2
 (Y − Y )
i
2

cov (X , Y) = i=1
SX = i=1
SY = i=1
n −1 n −1 n −1

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Features of the Coefficient of Correlation
▪The population coefficient of correlation is referred as
ρ. DCOVA
▪The sample coefficient of correlation is referred to as r.
▪Either ρ or r have the following features:
▪Unit free
▪Ranges between –1 and 1
▪The closer to –1, the stronger the negative linear relationship
▪The closer to 1, the stronger the positive linear relationship
▪The closer to 0, the weaker the linear relationship

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Scatter Plots of Sample Data with Various Coefficients of
Correlation

DCOVA
Y Y

X X
r = -1 r = -.6

Y
Y Y

X X X
r = +1 r = +.3 r=0

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The Coefficient of Correlation Using Microsoft Excel Function
DCOVA

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The Coefficient of Correlation Using Microsoft Excel Data Analysis
Tool

1. Select Data DCOVA

2. Choose Data Analysis
3. Choose Correlation &
Click OK

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The Coefficient of Correlation Using Microsoft Excel

DCOVA

4. Input data range and

select appropriate options
5. Click OK to get output

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Interpreting the Coefficient of Correlation Using Microsoft Excel

DCOVA

▪r = .733

▪There is a relatively strong Scatter Plot of Test Scores

positive linear relationship

100

95

between test score #1 and test

Test #2 Score
90

score #2. 85

80

▪Students who scored high on

75

70

the first test tended to score

70 75 80 85 90 95 100

Test #1 Score

high on second test.

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Pitfalls in Numerical Descriptive Measures
▪Data analysis is objective DCOVA

▪Should report the summary measures that best

describe and communicate the important aspects
of the data set

▪Data interpretation is subjective

▪Should be done in fair, neutral and clear manner

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Ethical Considerations
Numerical descriptive measures:
DCOVA
▪Should document both good and bad results
▪Should be presented in a fair, objective and neutral
manner
▪Should not use inappropriate summary measures to
distort facts

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Chapter Summary
▪Described measures of central tendency
▪Mean, median, mode, geometric mean
▪Described measures of variation
▪Range, interquartile range, variance and standard
deviation, coefficient of variation, Z-scores
▪Illustrated shape of distribution
▪Skewness & Kurtosis
▪Described data using the 5-number summary
▪Boxplots
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Chapter Summary
▪Discussed covariance and correlation coefficient
(continued)
▪Addressed pitfalls in numerical descriptive measures
and ethical considerations

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