A6. The following table shows the distribution of the total sales (£) of a random sample of 75 'Fosta' coffee shops in the first quarter of 2021. Summary Statistics Total Sales (£) of 'Fosta' coffee shops in the first quarter of 2021 First (or Lower) Quartile 114,776 Мean 227,903 Standard deviation 79,857 Third (or Upper) Quartile 374,645 Calculate the interquartile range (IQR) of the distribution of the total sales (£) of 'Fosta' coffee shops in the first quarter of 2021. (a) (b) Interpret the mean and standard deviation in relation to the given question. Given that the coefficient of skewness of the distribution of the total sales (£) of 'Fosta' coffee shops in the first quarter of 2021 is equal to 0.457, comment on the symmetry of this distribution. (c)
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.
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