According to a consumer spending survey, the average monthly of BharatBank Visa credit card charge was 1838 INR). A sample of monthly credit card charges provides the following data. 236 1710 1351 825 7450 316 4135 1333
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.
- According to a consumer spending survey, the average monthly of BharatBank Visa credit card charge was 1838 INR). A sample of monthly credit card charges provides the following data.
236 1710 1351 825 7450
316 4135 1333 1584 387
991 3396 170 1428 1688
- Compute the variance and standard deviation.
- Compute the skewness measure for these data. Comment on the shape of this distribution. Is it the shape you would expect? Why or why not?
- Do the data contain outliers?
note- please answer all parts of the question
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