BUEC 232 Lecture Notes - Lecture 4: False Creek, Squared Deviations From The Mean, Variance

• School: Simon Fraser University
• Department: Business Administration and Economics
• Course: BUEC 232
• Professor: bisher

Document Summary

Numerical measures for a population: population summary measures are called parameters. The population mean is the sum of the values in the population divided by the population size, n. Population variance: average of squared deviations of values from the mean. Shows variation about the mean: most commonly used measure of variation, has the same units as the original data. Is the square root of the population variance. Sample vs. population example: regardless of how the data are distributed, at least of the values will fall within k standard deviations of the mean (for k > 1) Examples: (1 - 1/1. 52) x 100% = 56% k=1. 5 ( 1. 5 ) (1 - 1/22(cid:895) (cid:454) (cid:1005)(cid:1004)(cid:1004)% = (cid:1011)5% k=(cid:1006) (cid:894) 2 ) (1 - 1/32(cid:895) (cid:454) (cid:1005)(cid:1004)(cid:1004)% = (cid:1012)(cid:1013)% . k=(cid:1007) (cid:894) 3 ) Condo values on false creek form a highly skewed distribution with a mean of ,000 and a standard deviation of ,000.