New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

SCO 2550 Week 2/Chapter 2 Notes

by: Colin Fritz

SCO 2550 Week 2/Chapter 2 Notes SCO 2550

Marketplace > University of Minnesota > Business statistics > SCO 2550 > SCO 2550 Week 2 Chapter 2 Notes
Colin Fritz
U of M

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

These notes cover describing quantitative and qualitative data.
Business Statistics: Data Sources, Presentation, and Analysis
Kedong Chen
Class Notes
supply, Chain, operation, SCO, 2550, week 2, chapter2
25 ?




Popular in Business Statistics: Data Sources, Presentation, and Analysis

Popular in Business statistics

This 4 page Class Notes was uploaded by Colin Fritz on Sunday September 18, 2016. The Class Notes belongs to SCO 2550 at University of Minnesota taught by Kedong Chen in Fall 2016. Since its upload, it has received 39 views. For similar materials see Business Statistics: Data Sources, Presentation, and Analysis in Business statistics at University of Minnesota.

Similar to SCO 2550 at U of M


Reviews for SCO 2550 Week 2/Chapter 2 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/18/16
SCO 2550 Chapter 2 Notes Colin Fritz Chapter 2 covers how to describe sets of data by means of graph interpretation and also individual data interpretation. Describing Qualitative Data To describe qualitative data it can be broken down in different ways to understand each part of the data. Class – categories into which the qualitative data can be classified An example of this is if you are looking at what type of schools high school students went to after they graduated the classes could perhaps be Public College, Private College, Community College, or no further education. Class frequency – number of observations in the data set that fall into a specific class This would be how many students chose to do one of the particular classes. Class relative frequency – class frequency divided by the total number of observations in the data set If ten of the students decided to go to Community College out of the 100 in the class then the class relative frequency would be 10/100 or 0.1 Class percentage – class relative frequency multiplied by 100 The class percentage for the last example would then be 10%.  So that is how you can describe particular data, but you might also want to do it graphically. Typically qualitative data is described using a bar graph or a pie chart. This way the classes are very easy to differentiate from one another. Post Secondary Education 11% 10% 34% 45% Private Public Community No Further Education Interpreting Pie Charts  As you can see the chart consists of the choices students made after high school.  The pie “slices” are the classes of the particular data set that you are working with.  The percentages on the graph are the class percentages.  The physical size of each “slice” are proportional to Interpreting Bar Graphs each class relative frequency.  Bar graphs are relatively self-explanatory. Each bar represents a class and the height of the bar is equivalent to the class relative frequency.  Each bar is in order from greatest to least. Describing Quantitative Data  Typically quantitative data is described or summarized using dot plots, stem- and-leaf displays, and histograms. Dot plots  Dot plots have the numerical value of each data set in a horizontal fashion.  When data is repeated a dot is placed on the corresponding number.  This type of graph makes finding the frequency very easy. Stem and Leaf Displays  A stem and leaf plot is a compact way to represent decimals.  The stem is the number to the left of the decimal and the leaf is the number to the right of the decimal place.  Numbers on the leaf side are always in order as well. Histograms  Histograms are divided into class intervals like bar graphs, but histograms show the distribution of variables. While bar graphs compare them. Other Things to Know Central Tendency – tendency of the data to cluster or center about specific numerical values Variability - the spread of the data Skewed – one tail of the distribution has more extreme observations than the other Types: Median < Mean = skewed right Mean < Median = skewed left Median = Mean = symmetric data Mean – sum of values/number of values Median – middle-most observation Mode – most frequent observation 2 Σ 2 Variance – (sample) – s = ¿ (xi– x-bar) )/n-1 Standard deviation = √ Variance  Box plots are also important. They are useful for detecting outliers. - Here is an example of one labeling each important part.  The second way to detect outliers is with the z-score method. Z-Score – how far form the mean in terms of std. deviations Z= (xi – mean)/(standard deviation) General Outlier Rule for Z-score Z ≥ 2 - possible outlier Z ≥ 3 - probable outlier


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Anthony Lee UC Santa Barbara

"I bought an awesome study guide, which helped me get an A in my Math 34B class this quarter!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.