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11 Cards in this Set

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mean value
the expected value of the random variable, x. it is a weighted average in which the possible values of x are weighted according to their probablilites of occurance
mode
the value that occurs with the greatest frequency in a set of data
median
a value that has just as many observations that are higher as it does observations that are lower. it is the second quartile
skewness
the condition in which a distribution tails off to either the left or the right, exhibiting a lack of symmetry
positively skewed
right skewed data
mean>Q2
negatively skewed
left skewed data
mean<Q2
symmetrically skewed
mean = Q2
range
the difference between the highest and lowest values in a set of data
variance
a measure of dispersion based on the squared differences between observed values and the mean
standard deviation
a measure of dispersion, calculated as the positive square root of the variance
empirical rule
for distributions that are bell-shaped and symmetrical, about 68% of the observations will fall within 1 standard deviation of the mean, with about 95% falling within 2 standard deviations, and practically all of the observations falling within 3 standard deviations of the mean