MGMT 1050 Lecture Notes - Lecture 3: Summary Statistics, Hedge Fund, Graduate Management Admission Test
Document Summary
Measures of relative standing: excluding chebysheff"s theorem. Subfield of math discipline that deals with the analysis of data: descriptive statistics: used to describe the data. Inferential statistics: used to make statements regarding the relationships among variables. Population: all the observations in a set (i. e. n, summary statistics are referred to as parameters and denoted by greek letters. Sample: the number of observations is less than n (n < n, summary statistics are referred to as statistics and denoted by roman letters or greek letters with caret. Arithmetic mean: other names, average, mean. If there is an odd number of observations, the middle one in the stored set. If there is an even number of observations, average of the middle 2 observations. It may cause wrong interpretation for variables that are related multiplicatively. Growth rate, return rate, rate of change. As the variation increase, the deviation between arithmetic and geometric mean increases. Mean is most affected by the skewness.
