Question Four The following data represent the net profits made by a sample of 25 companies that operate in real-state sector. 56 97 78 61 79 93 84 76 58 92 89 96 42 44 85 77 53 88 62 84 62 82 75 95 89 1) Choose the best graphical presentation and justify your answer. 2) Based on your answer in (1), construct the selected graphical presentation and comment on the results. Based on your answer in (2), do you think the sector performance is satisfactory? Justify your answer.
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.
Question Four
The following data represent the net profits made by a sample of 25 companies
that operate in real-state sector.
56 97 78 61 79
93 84 76 58 92
89 96 42 44 85
77 53 88 62 84
62 82 75 95 89
1) Choose the best graphical presentation and justify your answer.
2) Based on your answer in (1), construct the selected graphical presentation
and comment on the results.
Based on your answer in (2), do you think the sector performance is satisfactory?
Justify your answer.
Bar Graph :
- A bar graph is a chart that plots data using rectangular bars or columns (called bins) that represent the total amount of observations in the data for that category. Bar charts can be displayed with vertical columns, horizontal bars, comparative bars (multiple bars to show a comparison between values), or stacked bars (bars contain multiple types of information).
- The purpose of a bar graph is to convey relational information quickly as the bars display the quantity for a particular category. The vertical axis of the bar graph is called the y-axis, while the bottom of a bar graph is called the x-axis.
- When interpreting a bar graph, the length of the bars/columns determines the value as described on the y-axis.
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