QMS 202 Midterm: crib sheet 2.docx

• School: Ryerson University
• Department: Quantitative Methods
• Course: QMS 202
• Professor: Clare Chua- Chow

Document Summary

Outliers: all data values that lie beyond the outer fences, use * to indicate outliers (also known as extremes) Suspect outliers: all data values that fall between the fences, use o" symbol to indicate suspect outliers. Sample data- cv=(s/x)*100 population data- cv= ( / )*100. If the mean and median are close, then the mean will give the correct impression and is the preferred measure. If the mean and median are not close, then the median will give the correct impression. Mean house price = ,000, median house price = If difference < 10% of smaller ; mean is equal to median; mean is the preferred measure. The probability of an event which cannot occur is 0. The probability of an event which occur with certainty is 1. The probability of an event not occurring is one minus the probability of it occurring. Subjective: personal judgment and expresses degree of belief.