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Title: INTRODYCTION TO BUSINESS STATISTICS
Description: INTRODYCTION TO BUSINESS STATISTICS
Description: INTRODYCTION TO BUSINESS STATISTICS
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Basic Business Statistics
14th Edition
Chapter 2
Graphs, Charts, and Tables –
Describing Your Data
Chapter Goals
After completing this chapter, you should be
able to:
Construct a frequency distribution both manually
and with a computer
Construct and interpret a histogram
Construct and interpret a Pie chart
Frequency Distributions
What is a Frequency Distribution?
A frequency distribution is a list or a table …
containing the values of a variable (or a set of
ranges within which the data fall)
...
Number of days
read
Frequency
0
44
1
24
2
18
3
16
4
20
5
22
6
26
7
30
Total
200
Relative Frequency
Relative Frequency: What proportion is in each category?
Number of days
read
Frequency
Relative
Frequency
0
44
0
...
12
2
18
0
...
08
4
20
0
...
11
6
26
0
...
15
Total
200
1
...
22
200
22% of the
people in the
sample report
that they read
the newspaper
0 days per week
Frequency Distribution:
Continuous Data
Continuous Data: may take on any value in
some interval
Example: A manufacturer of insulation randomly selects
20 winter days and records the daily high temperature
24, 35, 17, 21, 24, 37, 26, 46, 58, 30,
32, 13, 12, 38, 41, 43, 44, 27, 53, 27
(Temperature is a continuous variable because it could
be measured to any degree of precision desired)
Grouping Data by Classes
Sort raw data from low to high:
12, 13, 17, 21, 24, 24, 26, 27, 27, 30, 32, 35, 37, 38, 41, 43, 44, 46, 53, 58
Find range: 58 - 12 = 46
Select number of classes: 5 (usually between 5 and 20)
Compute class width: 10 (46/5 = 9
...
83
5
so the width is 5
classes
15 - 19
20 - 24
25 - 29
30 – 34
35 - 39
40 - 44
Total
frequency
7
9
5
6
8
5
N = 40
Remark
If we know the class , then its width is defined by :
w = upper limit of the class - lower limit of this class + 1
The width of 25 – 29 is 29 – 25 + 1 = 5
Class mark = (upper limit +
lower limit ) / 2
of the class
of this class
Class mark of 25 – 29 = ( 29 + 25 ) / 2
= 27
Class interval of the distribution = the difference
between two consecutive class marks
...
15 - 19
7
7
20 - 24
9
16
25 - 29
5
21
30 – 34
6
27
35 - 39
8
35
40 - 44
5
40
Total
N = 40
O-give More than
classes frequency
More than
Cumulative
dist
...
5
32
...
5
16
...
27
29
...
09
14
...
Knowing that as the measure of the angle of the sector
Increases , its area increases
Title: INTRODYCTION TO BUSINESS STATISTICS
Description: INTRODYCTION TO BUSINESS STATISTICS
Description: INTRODYCTION TO BUSINESS STATISTICS