12 Market Analysis

Median

Describes which value falls in the middle when all the values of a sample are sorted in ascending order.

Descriptive statistics

The process of deriving meaningful information from raw data.

Normal distribution

One of the most important distributions in statistics

a bell-shaped curve where 99.8% of values occur within three standard deviations from the mean.

Kurtosis

Characterizes the peakedness or flatness of a distribution compared to the normal distribution.

Data set

A collection of related data consisting of observational units and variables.

Interquartile range

The difference between the third and first quartiles of data.

Statistics

The practice of collecting, analyzing, and interpreting data.

Range

The difference between the highest and lowest value in the data set.

Discrete variable

A variable that can have only a finite number of values and all possible values are known.

Mean

The mathematical average of a set of numbers, calculated by summing all values and dividing by the total count.

Standard deviation

A measure of how much the values in a data set vary from the mean.

Continuous variable

A variable that can have an infinite number of values within a specific range.

Skewness

A measure of the lack of symmetry in a distribution.

Frequency distribution

A table or chart that shows how often each value or range of values occurs in a data set.

Outlier

A data point that is significantly different from the other values in a data set.

Population

The entire group of individuals or items that you want to study.

Sample

A subset of a population used to represent the whole group in an analysis.

Quantitative data

Data that can be measured and expressed numerically.

Qualitative data

Data that describes qualities or characteristics and is usually categorized by labels or names