Ilab Week 6 Math 221 Essay - 818 Words

Elementary Statistics iLab Week 6 Statistical Concepts: * Data Simulation * Discrete Probability Distribution * Confidence Intervals Calculations for a set of variables Mean Median 3.2 3.5 4.5 5.0 3.7 4.0 3.7 3.0 3.1 3.5 3.6 3.5 3.1 3.0 3.6 3.0 3.8 4.0 2.6 2.0 4.3 4.0 3.5 3.5 3.3 3.5 4.1 4.5 4.2 5.0 2.9 2.5 3.5 4.0 3.7 3.5 3.5 3.0 3.3 4.0 Calculating Descriptive Statistics Descriptive Statistics: Mean, Median Variable N N* Mean SE Mean StDev Minimum Q1 Median Q3 Maximum Mean 20 0 3.560 0.106 0.476 2.600 3.225 3.550 3.775 4.500 Median 20 0 3.600 0.169 0.754 2.000 3.000 3.500 4.000 5.000 Calculating Confidence Intervals for†¦show more content†¦The mean for the column â€Å"mean† is 3.56. It is very close to the parameter of interest but is not equal to it. You can calculate a confidence interval for the mean of the mean column, but a specific confidence interval would need to be provided. In that case, the confidence interval would be centered on 3.56, not 3.5. | 4. Give the mean for the median column of the Worksheet. Is this estimate centered about the parameter of interest (the parameter of interest is the answer for the mean in question 2) The mean for the median column is 3.6, which is close to the mean in question 2 but not as close as the answer in question 3. | 5. Give the standard deviation for the mean and median column. Compare these and be sure to identify which has the least variability? Standard Deviation of Mean= 0.4762Standard Deviation of Median= 0.7539The standard deviation of the Mean is smaller, which means all of the data points will tend to be very close to the Mean. The Median with a larger Standard Deviation will tend to have data points spread out over a large range of values. Since the Mean has the smaller value of the Standard Deviations, it has the least variability. | 6. Based on questions 3, 4, and 5 is the mean or median a better estimate for the parameter of interest? Explain your reasoning. The Mean seems to be the better estimate asShow MoreRelatedMath 221 Complete Course2525 Words   |  11 PagesMATH 221 COMPLETE COURSE A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=math-221-complete-course Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION MATH 221 COMPLETE COURSE, Discussions Week 1 Descriptive Statistics (graded) If you were given a large data set such as the sales over the last year of our top 1,000 customers, what might you be able to do with this data? What might be the benefits of describing the data? Week 2 Regression