Subject: Intro to Statistics Consider the following types of data that were obtained from a random sample of 49 credit card accounts. Identify all the averages (mean, mode, median) that can be used to summarize the data. a) outstanding balance on each account. b) name of credit card (ex. MasterCard, Visa, American Express, etc). c) dollar amount due on next payment. How do you solve this when no numbers were provided???
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Subject: Intro to Statistics
Consider the following types of data that were obtained from a random sample of 49 credit card accounts. Identify all the averages (mean,
a) outstanding balance on each account.
b) name of credit card (ex. MasterCard, Visa, American Express, etc).
c) dollar amount due on next payment.
How do you solve this when no numbers were provided???
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