Median: The middle number in a sorted set of numbers.
Mode: The number that appears most frequently in a data set.
Mean Calculation
The mean is calculated by adding all values together, counting the number of values, and dividing the sum by that number.
Median Determination
The median is the middle value in an ordered set of numbers.
Mode Identification
The mode is the value that shows up most frequently in a set of numbers.
If two or more values appear an equal number of times, you have multiple modes.
Measures of Dispersion
Min: The smallest number in the data set.
Max: The largest number in the data set.
Range: The difference between the highest and lowest values.
Variance: The average squared distance from the mean of the data for a single data point.
Standard Deviation: Shows how dispersed the data is in relation to the mean of all the data.
Formula for Standard Deviation Calculation: n−1Σ(x−xˉ)2, where xˉ is the mean.
Z-scores: Show how many standard deviations a data point is from the mean.
Standard Deviation - Step-by-Step Calculation
Calculate the mean of the data set.
For each value, subtract the mean (Score - 81).
Square the result of each subtraction ((Score−Mean)2).
Sum up all the squared differences Σ(x−xˉ)2.
Divide by n−1 (where n is the number of values) to get the variance: n−1Σ(x−xˉ)2.
Take the square root of the variance to find the standard deviation.
Z-Scores
Z-scores indicate how many standard deviations away a value lies from the mean.
The STANDARDIZE function in Excel can be used to calculate Z-scores.
Distribution of a Data Set
Center: Mean, median, and mode.
Outermost Values: Range.
Deviation: Standard deviation.
Position: Z-score.
Normal Distribution (Bell Curve)
68.26% of data falls within one standard deviation of the mean.
95.44% of data falls within two standard deviations of the mean.
99.74% of data falls within three standard deviations of the mean.
Skewed Distribution
Skewed Left: The mean is less than the median and mode.
Skewed Right: The mean is greater than the median and mode.
Frequencies and Percentages
Frequency: The count of how often each value occurs.
Pivot tables and histograms are used to display frequency data.
Percentage Difference
Expresses the difference between two data sets.
Percentage Change
Calculated as: Last ValueNew Value−Last Value×100%.
Exam Review
Outliers are values in the data set that don’t seem to be within the norm of all the other data.
Calculation that involves finding the highest (maximum) value and the lowest (minimum) value is the range.
x-\bar is the x-bar representative of in the calculation for standard deviation.
The empirical rule is following a bell shape curve, with the mean being the middle and all other data following three points to the left or three points to the right of the mean.