Review for Exam 1 Ch 1-5 Ch 1-3 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 Bar Chart Pie Chart or Frequency Relative or Qualitative Categorical (Nominal, Ordinal) Limited Categories Bar Chart Line Chart start Data Type Data class Frequency Relative Histogram Quantitative (Discrete/continuous, Interval/Ratio) Continuous Range Scatter Chart Two sets of continuous variables – relationship BUS304 – Review Chapter 1-5 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 = rounded max Remember to verify the total frequency = sample size BUS304 – Review Chapter 1-5

Ch 1-3 Numerical Characterization Measure of central tendency: Mean Median Mode Measure of Variation Range Variance Standard Deviation Other Location Related Measures (find location first) Percentiles/Quartiles (Calculate location first, then go find the value) Interquartile range 78 80 85 88 90 Mean: 421/5=84.2 Median: 85 Mode: no mode Range: 90-78=12 Variance: 26.2 Standard Deviation: 5.12 Coefficient of variation: 0.06 25th Percentile? 1.5th, 79 50th Percentile? Meidan, 85 75th Percentile? 89 Interquartile range 89-79=10 Box and Whisker 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

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. 4/16/2019 BUS304 – Midterm Review