ISDS 361A Final Exam Concept Questions and Answers, Exams of Business Economics

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uses all the data (the most efficient) ANSWERV ¥ Standard deviation Probability ANS WERY ¥ likelihood that a particular event will occurlikelihood that the random variable takes values within a particular range. coefficient of variation formula ANS WERV ¥ standard deviation/mean coefficient of variation ANSWERY V A measure of relative variability computed by dividing the standard deviation by the mean and multiplying by 100. if the mean order days (that is, average) are significantly different? In this case, use of standard deviation may not be effective or applicable because the comparison will not be valid so use empirical rule frequency ANSWER¥V V¥ Approximately 68% of the values are within one standard deviation of the mean.Approximately 95% of values are within two standard deviations of the mean.Almost all (100%) the data values are within three standard deviations of he mean When the data does not resemble NORMAL, we use ANSWERV J what is known as Chebyshev's Theorem in place of the Empirical rule.