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Business Statistics Course (Section 2: Distributions (Mean, Median and…
Business Statistics Course
Section 2: Distributions
What is a distribution?
A distribution is a collection of data from a specific variable
Different types of data
Continuous
Discrete
What is standard deviation?
Variance
How spread out is your data
Formula
N
refers to population size
x
is the data
i
refers to the index
u
refers to the mean of the population
Symbol:
σ²
Formula
Standard deviation is the Square Root of your variance
Symbol:
σ
Mean, Median and Mode
Mean
The average of a given data set
Symbol:
μ
Median
The middle variable in a given dataset
Mode
The variable that repeats the most in a given dataset. The most frequent value
Normal Distribution
Another name
Bell Curve
Section 3: Hypothesis Testing
