Question

In: Statistics and Probability

1.What is a quantitative measure of variability? 2. Describe how the range and standard deviation uniquely...

1.What is a quantitative measure of variability?

2. Describe how the range and standard deviation uniquely identifies the variability of a distribution.

3. How does the presence of one or more outliers influence the range and standard deviation?

4. Create a collection of 7-12 numbers of your choice (e.g., 4, 9, 13, 2, 7, 8, 6, 10). Find the following quantitative measures of variability:

  • Range
  • Sample Variance
  • Sample Standard Deviation

Show all work. Make sure that the numbers that you choose are different from the numbers chosen from your fellow classmates.

5. Why is the standard deviation a better measure of variation than the range?

Solutions

Expert Solution


Related Solutions

2. Discuss why the range is an unstable measure of variability and when the interquartile range...
2. Discuss why the range is an unstable measure of variability and when the interquartile range may be preferred if the distribution of a variable is skewed?
Discuss the advantages and disadvantages for the interquartile range and standard deviation in describing the variability...
Discuss the advantages and disadvantages for the interquartile range and standard deviation in describing the variability present in a distribution of scores.
which of the following is NOT a measure of dispersion? standard deviation mode range variance
which of the following is NOT a measure of dispersion? standard deviation mode range variance
1. The sample range is useful as a measure of: variability association skewness bias central tendency...
1. The sample range is useful as a measure of: variability association skewness bias central tendency 2. 150, 151, 154, 155, 155, 155, 155, 156, 156,156, 157,157, 158,158, 162,162,164 If we draw a boxplot, where should the lower whisker be?: 150 164 151 162 3. 40 independent measurements of the boiling point of a certain liquid were found to have a sample average of 950C, and sample variance of 20C. The formula for converting from a Celsius temperature x to...
Describe the relation between scales of measurement and measures of variability (e.g., interquartile range and standard...
Describe the relation between scales of measurement and measures of variability (e.g., interquartile range and standard deviation.)
1 - What is the range, expected rate of return, variance, and standard deviation of the...
1 - What is the range, expected rate of return, variance, and standard deviation of the information below? Economic Condition Probability Expected Return Better than expected 0.15 0.65 Good 0.25 0.3 Average 0.45 0.15 Poor 0.1 -0.15 Terrible 0.05 -0.35 2 - A stock has a beta of 1.65, risk-free rate of return of 0.04, and a market risk premium of 0.15. What is the required rate of return?
1. Define variability. 2. What are the strengths and limitations of the range? 3. When computing...
1. Define variability. 2. What are the strengths and limitations of the range? 3. When computing a standard deviation, why are the deviations from the mean squared? 4. Why is the square root taken when computing the standard deviation? 5. What are the three measures of variability? Which is the most commonly used? 6. Compute the range of the following student’s test scores: 39, 64.5, 54, 49, 56, 61, 58 7. The local B League baseball team is trying out...
The standard deviation alone does not measure relative variation. For example, a standard deviation of $1...
The standard deviation alone does not measure relative variation. For example, a standard deviation of $1 would be considered large if it is describing the variability from store to store in the price of an ice cube tray. On the other hand, a standard deviation of $1 would be considered small if it is describing store-to-store variability in the price of a particular brand of freezer. A quantity designed to give a relative measure of variability is the coefficient of...
Select all of the true statements about the standard deviation of a quantitative variable. 1.The standard...
Select all of the true statements about the standard deviation of a quantitative variable. 1.The standard deviation of a group of values is a measure of how far the values are from the mean. 2.Changing the units of a set of values (e.g., converting from inches to feet) does not affect its standard deviation. 3.Standard deviation is resistive to unusual values. 4.The standard deviation of a set of values is equal to 00 if and only if all of the...
Define standard deviation, index of dispersion, and range.
Define standard deviation, index of dispersion, and range.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT