d) Compute and interpret the range e) Compute and interpret the variance f) Compute and interpret the standard deviation
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.
d)
In this context, the given observations are:
$1,589, $593, $1,223, $869, $423, $1,720, $708, $1,425, $922, and $308.
Range:
The range is the difference between the largest and smallest observations in a set of data. That is, Range =Largest (L) – Smallest (S).
From the observation, the largest value is 1,720 and the smallest value is 308.
Interpretation:
The range of the change in the cost for the sample of 10 public universities is $1,412.
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