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Lecture Practical business math procedures (10/e): Chapter 22 - Jeffrey Slater

Chapter 22 - Business statistics. After you have mastered the material in this chapter, you will be able to: Define and calculate the mean, explain and calculate a weighted mean, define and calculate the median, define and identify the mode, prepare a frequency distribution, prepare bar, line, and circle graphs, calculate price relatives and cost comparisons, explain and calculate the range, define and calculate the standard deviation, estimate percentage of data by using standard deviations. | Chapter 22 Business Statistics Define and calculate the mean Explain and calculate a weighted mean Define and calculate the median Define and identify the mode Business Statistics #22 Learning Unit Objectives Mean, Median, and Mode LU22.1 Prepare a frequency distribution Prepare bar, line, and circle graphs Calculate price relatives and cost comparisons Business Statistics #22 Learning Unit Objectives Frequency Distributions and Graphs LU22.2 Explain and calculate the range Define and calculate the standard deviation Estimate percentage of data by using standard deviations Business Statistics #22 Learning Unit Objectives Measures of Dispersion (Optional Section) LU22.3 Mean - Average used to indicate a single value that represents an entire group of numbers Median - A measurement that indicates the center of the data (Average) Terminology Mode - a measurement that records values. The value that occurs most often Mean Mean = Sum of all values Number of values The . | Chapter 22 Business Statistics Define and calculate the mean Explain and calculate a weighted mean Define and calculate the median Define and identify the mode Business Statistics #22 Learning Unit Objectives Mean, Median, and Mode LU22.1 Prepare a frequency distribution Prepare bar, line, and circle graphs Calculate price relatives and cost comparisons Business Statistics #22 Learning Unit Objectives Frequency Distributions and Graphs LU22.2 Explain and calculate the range Define and calculate the standard deviation Estimate percentage of data by using standard deviations Business Statistics #22 Learning Unit Objectives Measures of Dispersion (Optional Section) LU22.3 Mean - Average used to indicate a single value that represents an entire group of numbers Median - A measurement that indicates the center of the data (Average) Terminology Mode - a measurement that records values. The value that occurs most often Mean Mean = Sum of all values Number of values The accountant of Bill’s Sport Shop told Bill, the owner, that the average daily sales for the week were $150.14. The accountant stressed that $150.14 was an average and did not represent specific daily sales. Bill wanted to know how the accountant arrived at $150.14. Sun. Mon. Tues. Wed. Thur. Fri. Sat. $400 $100 $68 $115 $120 $68 $180 Mean = $400 + $100 + $68 + $115 + $120 +$68 + $180 = $150.14 7 Weighted Mean Weighted Mean = Sum of products Sum of frequencies How Jill Rivers calculated her GPA to the nearest tenth. Credit Grade Points Courses attempted received (Credits x Grade) Intro to Comp 4 A 16 (4 x 4) Psychology 3 B 9 (3 x 3) English Comp. 3 B 9 (3 x 3) Business Law 3 C 6 (2 x 3) Business Math 3 B 9 (3 x 3) 16 49 49 = 3.1 16 Finding the Median of a Group of Values Look below at the following yearly salaries of the employees of Rusty’s Clothing Shop. Alice Knight $95,000 Jane Wang $67,000 Jane Hess $27,000 Bill Joy $40,000 Joel Floyd $32,000 Find median value of all .