Download Review Session

Review for Exam 1 Ch 1-5
Ch 1-3 Descriptive Statistics
 Descriptive Statistics

Ways to collect, describe, and present data
 Collect data


Population vs. Sample
Statistical Sampling Technique
a) Simple random b) Stratified c) Systematic d) Cluster
 Data Types



Primary vs. Secondary
Qualitative vs. Quantitative
Measure levels:
a) Nominal (group, compare, mode)
b) Ordinal (everything you can do for level a, + sort, median)
c) Interval (everything you can do for level b, + subtraction, zero ≠
nothing)
d) Ratio (everything you can do for level c, + division, zero = nothing)
BUS304 – Review Chapter 1-5
1
Ch 1-3 Graphical Presentation
Qualitative Categorical
(Nominal, Ordinal)
start
Bar Chart or
Pie Chart
or
Relative
Frequency
Frequency
Limited
Categories
Data Type
Data class
Quantitative
(Discrete/continuous,
Interval/Ratio)
Bar Chart Line Chart
Relative
Frequency Frequency
Continuous
Range
Two sets of continuous variables – relationship
BUS304 – Review Chapter 1-5
Histogram
Scatter Chart
2
Procedures to create a histogram
Create a frequency table
 Identify the range of data:
Range = Rounded maximum - Rounded minimum
 Identify the width of each category:
Width = Range / Number of bars
 Write down the lower and upper bound for each bar
Lower limit
Upper limit
Frequency
Rounded min
=lower limit + width
Count numbers
=upper limit of above category
=lower limit + width
Count numbers
…
…
Count numbers
=upper limit of above category =lower limit + width = rounded max Count numbers
Remember to verify
the total frequency = sample size
BUS304 – Review Chapter 1-5
3
Ch 1-3 Numerical Characterization
 Measure of central tendency:
Mean
sum up all the data values
=
sample or population size
Median
the i th data value,
i=
sample or population size+1
2
Mode
the data value repeats
the most frequently
 Measure of Variation
Range
=max-min
Variance
average squared deviation
from the mean (4 steps)
Standard Deviation
square root of variance
 Other Location Related Measures (find location first)
 Percentiles/Quartiles (Calculate location first, then go find the
value)
 Interquartile range
BUS304 – Review Chapter 1-5
4
Chapter 4 Probability Theory
 Key concepts
 Experiments and events
• Identify elementary events and sample space
 Relationship among events:
• Complement Events, P(E1 ) =1- P(E2 )
• Mutually Exclusive Events, P(E1 and E2 ) = 0
• Conditional Probabilities, P(E1 | E2 ) = P(E1 and E2 ) / P(E2 )
• Independent Events. P(E1 and E2 ) = P(E1 )*P(E2 )
 Mean (expected value) and SD of a random variable
• Mean – weighted average of all possible values (weights are the
probs).
• Variance – weighted average of the squared deviation from the
expected value.
BUS304 – Review Chapter 1-5
5
Chapter 5
Normal distribution
 Continuous random variable
 Given the mean and standard deviation (variance
sometimes, pay attention to the notation), how to
compute the probability.
5/24/2017
BUS304 – Midterm Review
6