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Business Statistics: Data Representation BUSI.2305 Summer 1 2022, It…

- - - - A scatter plot shows relation between two sets of data. Scatter plots are mainly used to represent how much one variable is affecting the other variable. ER
    - - A histogram chart consist of contiguous rectangles. The graph has X and Y form of distribution of data. X represents the data and Y represents the frequency. JH
    - - When Data Is represented in a Pie Chart It usually shows various amounts of percentages from the collected data and estimates an average percentage based on the number of variables accounted For Pie charts are usually represented by 100 percentile factor and is most commonly known for comparing various variables JP
      - A pie chart is one of the easiest to read. Since a pie chart can be distinguished by different colors and the percentages are always located a the top of the graph. ES
  - - - Nominal Data
        
        Nominal data is never numerical and is descriptive. This can be a name, label,
      - Ordinal Data
        
        Ordinal data is the type of data we use almost everyday. Is a kind of categorical data that it has a set of order. A great example would be when rating something, which gives us the options of (extremely dislike, dislike, neutral, like, extremely like). Another good example would be (extremely unsatisfied, unsatisfied, neutral, satisfied, extremely satisfied). (AS)
    - - Interval Data: : is one of the 2 types of discrete data. This form of data is measured going along a scale. On the scale each point is placed at an equal distance (interval) from one another.
        Ex) data collected on a thermometer JR
      - Ratio Data
        
        Ratio Data: it is a form of quantitative data.
        Measuring variables on a continuous scale. A property of ratio dates that it has a
        "true zero" (NP)
    - - Median
      - Mode
      - Mean
        
        The mean in a data set is also known as the average. You can get it by adding all the numbers in your data set, and then dividing that sum by how many numbers you have in that data set. (PE)
    - - Standard Deviation
        
        A number that is equal to the square root of the variance and measures how far data values are from their mean; notation: s for sample standard deviation and o for population standard deviation. (BL)
      - Variance
      - Range
        
        The range is subtracting
        the largest number by the smallest in the data set that will give you the result.(AG)
      - Q1
      - IQR
      - Q3
    - - Normal Distribution
      - Central Limit Theorem
      - Histogram
        
        A histogram organizes information in adjoining boxes. It contains an X and Y axis. X represents the data and Y is the frequency. Histograms can help identify the shape of the data, the spread and the center. ( R.F)
  - - - This type of frequency is used so that we can make approximations based on the information we already have. This type of frequencies is used to show us a number or percentage of elements less than or equal to a certain specific value that is already known.
        (MA)