One question from a survey was "How many credit cards do you currently have?" The results of the survey are provided. Complete parts (a) through (g) below. E Click the icon to view the survey results. (a) Determine the mean number of credit cards based on the raw data. The mean is 3.11 credit cards. (Type an integer or a decimal. Do not round.) (b) Determine the standard deviation number of credit cards based on the raw data. The standard deviation is credit cards. (Round to three decimal places as needed.) Credit Card Survey Results 3 2 2 3 3 1 3 1 2 3 3 8 3 2 1 4 3 2 8 3 2 3 3 2 2 7 4 2 2 3 5 2 4 1 3 3 4 2 10 3 4 4 2 3 7 2 1 3 3 5 2 9 2 3 6 2 2 3 1 3 2 2 4 3 1 3 4 3 1 1 6 1 1 3 2 1 2 4 1 3313
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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