BRAND PRICE QTY SOLD WHAT! $12 10 Get’s-Job-Done $15 8 OK+ $25 10 Nearly-the-Best $40 1 Top-of-the-Line $80 4 VIP++ $120 5 Mode is most frequent, Median is the midpoint, Mean is the standard average, Range is Hi - Lo Median Price per Brand: $_____ Price Range per Brand: $______ Modal Quantity Sold: _____ Mean Price Sold: $___
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.
|
BRAND |
PRICE |
QTY SOLD |
|
WHAT! |
$12 |
10 |
|
Get’s-Job-Done |
$15 |
8 |
|
OK+ |
$25 |
10 |
|
Nearly-the-Best |
$40 |
1 |
|
Top-of-the-Line |
$80 |
4 |
|
VIP++ |
$120 |
5 |
Median Price per Brand: $_____
Price Range per Brand: $______
Modal Quantity Sold: _____
Mean Price Sold: $______
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