Last Modified: 2011-07-14
- it's a way to summarize data
- it condenses the raw data into a more useful form
- allows for a quick visual interpretation of the data
used to see how data is spread over different categories
frequency in category/ total # of observations
used to stratify customers/products
use to influence decisions (show what you want to show)
affected by extreme values (outliers)
NOT affected by extreme values
the value that occurs MOST OFTEN
not affected by extreme values
sum of squares/(n-1)
square root of sum of squares/(n-1)
difference between the largest and the smallest observations
=Xmax - Xmin
used to measure variation relative to the mean
measures scatter in the data relative to the mean
mean +or- 1 std dev contains about 68% of the values in the population or the sample
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