| |
| |
Lecture Notes 3 |
 | | The purpose of this lecture is to help you to understand conceptually the meanings of measures of locations (i.e., mean, median, and mode) and measures of variability (i.e., range, variance, standard deviation, and coefficient of variation). |
 | | For example, to compute the arithmetic mean of a sample of numbers, such as 19, 20, 21, 23, 18, 25, and 26, first sum the numbers: (19+20+21+23+18+25+26) = 152, and then calculate the sample mean by dividing this total (152) by the number of observations (7), which gives a mean of 21.7 or about 22. |
 | | Generally, the median provides a better measure of location than the mean when there are some extremely large or small observations (i.e., when the data are skewed to the right or to the left). |
| business.clayton.edu /arjomand/business/l3.html (1973 words) |
|