1. Contemporary Mathematics for Business and Consumers Third Edition By: Robert A. Brechner COPYRIGHT © 2003 by South-Western, a division of Thomson Learning. Thomson Learning TM is a trademark used herein under license. ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means–graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution or information storage and retrieval systems–without the written permission of the publisher. For permission to use material from this text or product, contact us by Tel (800) 730-2214 Fax (800) 730-2215 http://www.thomsonrights.com

2. Chapter 21 Business Statistics & Data Presentation Copyright © 2003 by South-Western

3. Chapter 21, Business Statistics and Data Presentation Section I Data Interpretation and Presentation 21-1 Reading and interpreting information from tables. 21-2 Reading and construction line charts. 21-3 Reading and constructing bar charts. 21-4 Reading and construction pie charts. Section II Measures of Central Tendency and Dispersion – Ungrouped Data 21-5 Calculating the arithmetic mean of ungrouped data. 21-6 Calculating the median.

4. Chapter 21, Business Statistics and Data Presentation Section II Measures of Central Tendency and Dispersion – Ungrouped Data 21-7 Determining the mode. 21-6 Determining the range. Section III Frequency Distributions-Grouped Data 21-9 Constructing a frequency distribution. 21-10 Computing the mean of grouped data. 21-11 Preparing a histogram of a frequency distribution.

5. 21-1 Reading and Interpreting Information from Tables Steps to Reading Tables: Step 1. Scan the titles above the columns for the category of information being sought. Step 2. Look down the column for the specific fact required.

6. Everybody’s Business The material in this chapter presents concepts and procedures that will help you understand and evaluate statistical information that you encounter as both a consumer and businessperson. Statistical information may be in the form of daily media, such as radio and television reports or newspaper and magazine articles, or they may be business-related statistics such as company reports, presentations, budgets, and schedules.

7. 21-2 Reading and Constructing Line charts Steps for Reading Line Charts: Step 1. Scan either the x or y axis for the known variable: x for time, y for amount.. Step 2. Draw a perpendicular line from that axis to the point where it intersects the chart.. Step 3. Draw a line from that point perpendicular to the opposite axis. Step 4. The answer is read where that line intersects the opposite axis.

8. 21-3 Reading and Constructing Bar Charts Steps for Reading and Constructing Bar Charts: Step 1. Scan either the x or y axis for the known variable. Step 2. Read the answer on the opposite axis directly across from the top of the appropriate bar.

9. Everybody’s Business Many popular software programs such as Microsoft’s excel and Power Point, Lotus 123, and Harvard Graphics, are designed to generate data in visually appealing chart form. These can be used to enhance your homework assignments at school or business presentations at work.

10. Section II, Measures of Central Tendency and Dispersion - Ungrouped 21-5 Calculating the Arithmetic Mean of Ungrouped Data Steps to Calculate the Arithmetic Mean of Ungrouped data: Step 1. Find the sum of all the values in the data set. Step 2. Divide the sum in Step 1 by the number of values in the set. Mean = Sum of values Number of values

11. 21-7 Determining the Mode Steps to Determine the Mode: Step 1. Count the number of times each value in a set occurs. Step 2a. If one value occurs more times than any other, it is the mode. Step 2b. If two or more values occur more times than any other, they ore all modes of the set. Step 2c. If all values occur the sme number of times, there is no mode.

12. 21-8 Determining the Range Steps to Determine the Range: Step 1. Locate the highest and lowest values in a set of numbers. Step 2. Subtract the lowest form the highest to get the range. Range = Highest value – Lowest value

13. Section III, Frequency Distributions – Grouped Data 21-9 Constructing a Frequency Distribution Steps to Construct a frequency distribution: Step 1. Divide data into equal size classes. Step 2. Use tally marks to record the frequency of the values within each class. Step 3. Rewrite the tally marks for each class numerically in a column labeled “frequency (f).” The data are now grouped.

14. Chapter 21, Business Statistics and Data Presentation Business statisticsDescriptive statistics Statistical inferenceTables Line chartX - axis Y- axisBar chart Standard bar chartComparative bar chart Component bar chartPie chart AverageMean MedianMode RangeUngrouped data Grouped dataFrequency Frequency distributionHistogram

15. Chapter 21 Ungrouped Data Mean = Sum of values / Number of values Median = Middle value (odd number of values) Median = (even number of values) Mode = Value or values that occur most frequently Range = Highest value - Lowest value Copyright © 2003 by South-Western Middle value + Middle value 2

16. Chapter 21 “Formulas” Grouped Data Sum of (frequency x midpoint) Sum of frequency Copyright © 2003 by South-Western Mean =

17. Chapter 21, Section I 1. Single-line chart of the total company sales per month. Copyright © 2003 by South-Western

18. Chapter 21, Section I 2. Multiple-line chart of the total sales per month of each model, standard and deluxe. Copyright © 2003 by South-Western

19. Chapter 21, Section I 3. Standard bar chart of the deluxe sales per month in the Southeast territory. Copyright © 2003 by South-Western

20. Chapter 21, Section I 4. Component bar chart of the standard and deluxe model sales as components of total monthly sales in the Northeast territory. Copyright © 2003 by South-Western

21. Chapter 21, Section I 5. Comparative bar chart of the standard and deluxe model sales per month in the Northwest territory. Copyright © 2003 by South-Western

22. Chapter 21, Section I Northwest = 20.5% x 360 = 74º 1,244,500 6,058,900 6. Pie chart of the total six-month sales of the four territories. Northeast 40% Northwest 20.5% Southeast 23.1% Southwest 16.4% Northeast = 40.0% x 360 = 144º 2,421,600 6,058,900 Southwest = 16.4% x 360 = 59º 993,100 6,058,900 Southeast = 23.1% x 360 = 83º 1,399,700 6,058,900 Copyright © 2003 by South-Western

23. Chapter 21, Section III Copyright © 2003 by South-Western Relative Frequency Distribution Business Decision In business, percents are frequently used to express the number of observations in a frequency distribution of business data. A relative frequency distribution expresses the distribution as percents. To convert a frequency distribution to a relative frequency distribution, each of the class frequencies (portion) is divided by the total number observations (base). Remember, rate = portion  base.