Search
Create
Log in
Sign up
Log in
Sign up
Business Stats - Formulas (1 - 4)
STUDY
Flashcards
Learn
Write
Spell
Test
PLAY
Match
Gravity
Business Statistics in Practice (Bowermand, OConnell, Murphree), ed 6
Terms in this set (22)
assigning probabilities: Classical Method
P(A) = (total # of times A occured) / (total # of sample space outcomes)
assigning probabilities: Relative Frequency
P(an event) = (# of times an event occured) / (total # of opportunites for the event to occur)
Complement of an Event
P(A) + P(A^c) = 1
Addition Rule
P(A or B) = P(A) + P(B) - P(A and B)
Conditional Probability
P(A | B) = P(A and B) / P(B)
P(B) > 0
Independent Events
P(A | B) = P(A)
Multiplication rule
Independent:
P(A and B) = P(A) x P(B)
Dependent:
P(A and B) = P(A) x P(B | A)
P(A and B) = P(B) x (P(A | B)
Fundamental Counting Rule
For a sequence of two events in which the first event occurs in m ways and the second event occurs in n ways for a total of m x n ways (this can be applied to more than two events)
Permutations
nPr = n! / (n-r)!
Requirements for using the below formula
- There are n different items
- We select r of the n items (without replacement)
- Rearrangements of the items are different sequences
Combinations
cCr = n! / (n-r!)r!
Requirements for using the below formula
- There are n different items
- We select r of the n items (without replacement)
- Rearrangements of the items are the same
sample mean
x-bar = Σx / n
n = total # of data values in the sample
population mean
μ = Σx / N
N = total # of data values in the population
weighted mean
X-bar = (w1X1 + ... + wnXm) / ( w1 + ... + wn)
= Σ(wX)/Σ(w)
sample variance
s^2 = Σ(x - xbar)^2 / (n - 1)
n = total # of data values in the sample
sample standard deviation
s = SQR (Σ(x - xbar)^2 / (n - 1))
n = total # of data values in the sample
population variance
σ^2 = Σ(1-μ)^2 / N
N = total # of data values in the population
populatin standard deviation
σ = SQR (Σ(1-μ)^2 / N)
N = total # of data values in the population
coefficient of variation (CV)
CV = 100 x s/x-bar
= 100 x σ/μ
Interquartile Range (IQR)
IQR = Q3 - Q1
Lower Fence
Inner Fence:
Q1 - 1.5(IQR)
If a data point falls outside of the inner fence then it is considered a mild outlier
Outer Fence:
Q1 - 3.0(IQR)
If a data point falls outside of the outer fence then it is considered an extreme outlier
Upper Fence
Inner Fence:
Q3 +1.5(IQR)
If a data point falls outside of the inner fence then it is considered a mild outlier
Outer Fence:
Q3 + 3.0(IQR)
If a data point falls outside of the outer fence then it is considered an extreme outlier
Histogram
Determine the number of classes:
**If the number of classes is not given to you we can find the number of classes by identifying the smallest whole number K that makes the quantity 2Kgreater than the total number of observations in the data set.
Determine the class length:
- class length = (max value -min value) / # of classes
Obtain class boundaries
- Lower Class Boundary of first class = minimum data value in data set.
- Upper Class Boundary of first class = Lower Class Boundary + Class Length
OTHER SETS BY THIS CREATOR
Verb Prefixes
25 Terms
mlp3691
Der unregelmäßigen Verben
24 Terms
mlp3691
Verben mit Präpositionen
113 Terms
mlp3691
Lebensmittel
348 Terms
mlp3691
THIS SET IS OFTEN IN FOLDERS WITH...
Business Statistics - Chap 5
15 Terms
mlp3691
Business Statistics Chap - 6
11 Terms
mlp3691
Business Statistics Chapters 4-6 Review
10 Terms
d7thant
STATS: Modeling the World, Chapter 14:From Randomness to Probability : Terms and Formulas
18 Terms
AVCevyll