Statistical Literacy (a) What measures of variation indicate spread about the mean ? (b) Which graphic display shows the median and the data spread about the median?

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 3, Problem 1CR

Statistical Literacy

(a) What measures of variation indicate spread about the mean?

(b) Which graphic display shows the median and the data spread about the median?

Expert Solution & Answer

To determine

The measures of variation indicate spread about the mean.

Answer to Problem 1CR

Solution: Variance and standard deviation are the measures of variation indicate spread about the mean.

Explanation of Solution

Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories, that is, an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability, which describes how the observations are spread out around the mean. The standard deviation is the square root of the variance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Let X represent the full height of a certain species of tree. Assume that X has a normal probability distribution with mean 203.8 ft and standard deviation 43.8 ft. You intend to measure a random sample of n = 211trees. The bell curve below represents the distribution of these sample means. The scale on the horizontal axis (each tick mark) is one standard error of the sampling distribution. Complete the indicated boxes, correct to two decimal places. Image attached. I filled in the yellow boxes and am not sure why they are wrong. There are 3 yellow boxes filled in with values 206.82; 209.84; 212.86.

Could you please answer this question using excel.Thanks

Questions An insurance company's cumulative incurred claims for the last 5 accident years are given in the following table: Development Year Accident Year 0 2018 1 2 3 4 245 267 274 289 292 2019 255 276 288 294 2020 265 283 292 2021 263 278 2022 271 It can be assumed that claims are fully run off after 4 years. The premiums received for each year are: Accident Year Premium 2018 306 2019 312 2020 318 2021 326 2022 330 You do not need to make any allowance for inflation. 1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method. (b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method. 2. Comment on the differences in the reserves produced by the methods in Part 1.

Answer 2

Textbook Question

Chapter 3, Problem 1CR

Statistical Literacy

(a) What measures of variation indicate spread about the mean?

(b) Which graphic display shows the median and the data spread about the median?

Expert Solution & Answer

To determine

The measures of variation indicate spread about the mean.

Answer to Problem 1CR

Solution: Variance and standard deviation are the measures of variation indicate spread about the mean.

Explanation of Solution

Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories, that is, an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability, which describes how the observations are spread out around the mean. The standard deviation is the square root of the variance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 3, Problem 1CR

Statistical Literacy

(a) What measures of variation indicate spread about the mean?

(b) Which graphic display shows the median and the data spread about the median?

Expert Solution & Answer

To determine

The measures of variation indicate spread about the mean.

Answer to Problem 1CR

Solution: Variance and standard deviation are the measures of variation indicate spread about the mean.

Explanation of Solution

Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories, that is, an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability, which describes how the observations are spread out around the mean. The standard deviation is the square root of the variance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 3, Problem 1CR

Statistical Literacy

(a) What measures of variation indicate spread about the mean?

(b) Which graphic display shows the median and the data spread about the median?

Expert Solution & Answer

To determine

The measures of variation indicate spread about the mean.

Answer to Problem 1CR

Solution: Variance and standard deviation are the measures of variation indicate spread about the mean.

Explanation of Solution

Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories, that is, an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability, which describes how the observations are spread out around the mean. The standard deviation is the square root of the variance.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

The measures of variation indicate spread about the mean.

Answer to Problem 1CR

Solution: Variance and standard deviation are the measures of variation indicate spread about the mean.

Explanation of Solution

Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories, that is, an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability, which describes how the observations are spread out around the mean. The standard deviation is the square root of the variance.

Answer 8

Expert Solution & Answer

To determine

The measures of variation indicate spread about the mean.

Answer to Problem 1CR

Solution: Variance and standard deviation are the measures of variation indicate spread about the mean.

Explanation of Solution

Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories, that is, an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability, which describes how the observations are spread out around the mean. The standard deviation is the square root of the variance.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

The measures of variation indicate spread about the mean.

Answer 12

Answer to Problem 1CR

Solution: Variance and standard deviation are the measures of variation indicate spread about the mean.

Answer 13

Explanation of Solution

Dispersion indicates the extent to which observations deviate from an appropriate measure of central tendency. Measures of dispersion fall into two categories, that is, an absolute measure of dispersion and relative measure of dispersion. Variance and standard deviation are two types of an absolute measure of variability, which describes how the observations are spread out around the mean. The standard deviation is the square root of the variance.

Answer 14

Ch. 3.1 - Statistical Literacy Consider the mode, median,...Ch. 3.1 - Statistical Literacy What symbol is used for the...Ch. 3.1 - Statistical Literacy Look at the formula for the...Ch. 3.1 - Statistical Literacy In order to find the median...Ch. 3.1 - Basic Computation: Mean, Median, Mode Find the...Ch. 3.1 - Basic Computation: Mean, Median, Mode Find the...Ch. 3.1 - Basic Computations Mean, Median, Mode Find the...Ch. 3.1 - Critical Thinking Consider a data set with at...Ch. 3.1 - Critical Thinking Consider a data set with at...Ch. 3.1 - Critical Thinking If a data set has an even number...

Statistical Literacy (a) What measures of variation indicate spread about the mean ? (b) Which graphic display shows the median and the data spread about the median?

Concept explainers

Videos

Answer to Problem 1CR

Explanation of Solution

Want to see more full solutions like this?

Chapter 3 Solutions