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Using Statistics for Better Business Decisions by Bert G. Wachsmuth, Justin Bateh

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Chapter 3

Numerical Data Summary

Preview: Charts and graphs are useful for representing data in a user-friendly format, but there are times when it is more important to summarize data numerically. A quality numerical data summary has meaning even to individuals who have no previous experience with the data being presented. You do not have to be a scientist or a doctor to understand that the average cholesterol for a given male population is 220, while the cholesterol level for women in the same population is 190. In order to understand the power of numerical data summary, it is important to understand the difference between the median and the mean: the mean is the average of all observations, while the median is the point at which half the numbers ...

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