¶ … value of data is, or an approximation of what an un-observed data point might be given the values in a known data set, in another perspective. The mean is the most commonly used measure of central tendency, and is the sum of all data points divided by the number of data points (or "population size," often designated "n"). The median is the data point that is the same number of data points from the lowest value and the highest value (in sets with an even number of data points, the median is taken as the mean of the two most central data points), and the mode is the data value that appears most frequently in a data set. In the business world, means are often used to track performance, comparing individual performance against the group as a whole (i.e. The group's mean). The mode might be used to set salaries -- measure what salary level is seen most frequently in a given position in order to set the salary for that position.
Measures of dispersion quantify how closely the values in a data set cluster about the mean or middle of the data range -- how "spread out" the data is. Standard deviation is the most popular measure of dispersion in part because of its ability to be further utilized in probability manipulations, and to test various parameters of data sets and data points.
2)
Converting a normally distributed data set to a standardized normally distributed data set is accomplished by taking each data point individually, subtracting the mean of the data set, and dividing by the standard deviation of the data set. The result is a numerical representation of how far the point is from the mean -- how many standard deviations away it is. A full data set that has been converted thusly is a standardized normal distribution.
Assuming z follows a standard normal distribution, if a = 1 than P (z
3)
A roll of a six-sided die is a discrete probability distribution in which the variable can take on six different values: 1, 2, 3, 4, 5, or 6. Each of these values, assuming the die is properly manufactured and not "loaded," has the same probability -- 0.166666… -- of coming up on each independent roll of the die:
X
P (x)
You’re 80% through this paper. Sign up to read the full paper.
Sign Up Now — Instant Access Already a member? Log inAlways verify citation format against your institution’s current style guide requirements.