A histogram of total US monthly retail sales,
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.
Estimating Monthly Retail Sales
A histogram of total US monthly retail sales, in billions of dollars, for the 136 months starting with January 2000 is shown in the figure below. Is the distribution approximately symmetric and bell-shaped? Use the histogram to give a rough estimate of the mean and standard deviation of monthly US retail sales totals.
Mean = about ____ billion dollars.
Standard deviation = ____ billion dollars.
Histogram: A histogram is the most commonly used graph to show the frequency distribution.
the histogram is a representation of the distribution of numerical data.
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