A dozen banks reported the following sales of gold (in ounces) for the week of February 1, 2021 685 857 973 495 453 892 1173 743 1244 797 852 931 Find the mean, median, and mode What is the most appropriate measure of central tendency for this sample? Why? Find the sum of squares, range, variance, and standard deviation for the sample.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
A dozen banks reported the following sales of gold (in ounces) for the week of February 1, 2021
685 857 973 495 453 892 1173 743 1244 797 852 931
Find the
What is the most appropriate measure of
Find the sum of squares, range, variance, and standard deviation for the sample.
Step by step
Solved in 5 steps
