Business Statistics Chapters 1-4 Exam Study Guide

Business Statistics Chapters 1-4 Exam Study Guide Mean A measure of central location computed by summing the data values and dividing by the number of observations. Median A measure of central location provided by the value in the middle when the data are arranged in ascending order. Mode A measure of location, defined as the value that occurs with greatest frequency. frequency distribution A tabular summary of data showing the number (frequency) of observations in each of several nonoverlapping categories or classes. relative frequency distribution A tabular summary of data showing the fraction or proportion of observations in each of several nonoverlapping categories or classes. percent frequency distribution A tabular summary of data showing the percentage of observations in each of several nonoverlapping classes. cumulative frequency distribution A tabular summary of quantitative data showing the number of data values that are less than or equal to the upper class limit of each class. average mean weighted average/mean The mean obtained by assigning each observation a weight that reflects its importance. geometric mean A measure of location that is calculated by finding the nth root of the product of n values. Growth Factor the factor by which a quantity multiplies itself over time. adding 1 Variance A measure of variability based on the squared deviations of the data values about the mean. standard deviation