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17e Chapter 24

The document covers key concepts in business statistics, including definitions of terms such as mean, median, and mode, as well as the purposes of statistics in decision-making. It provides examples and methods for computing statistical averages and developing frequency tables, along with visual representations like histograms and bar graphs. Additionally, it includes assignments for practicing statistical averages and graphing techniques.

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0% found this document useful (0 votes)

11 views

17e Chapter 24

Uploaded by

safiekahmd

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Download as PPT, PDF, TXT or read online on Scribd

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Prepared by Johnny Howard

© 2015 South-Western, a part of Cengage Learning

• Business statistics
• Statistics
• Purposes of statistics
• To summarize and report performance
• To analyze options in making decisions
• Average
• Mean
• Median
• Mode
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© 2015 South-Western, a part of Cengage Learning 24–3
E X A M P L E Statistical Averages: Computing the Mean

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© 2015 South-Western, a part of Cengage Learning 24–4
E X A M P L E Determining the Median

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© 2015 South-Western, a part of Cengage Learning 24–5
E X A M P L E Determining the Mode

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© 2015 South-Western, a part of Cengage Learning 24–6
to Develop a Frequency Table

1. Determine the classes of data, and list the classes

in one column.
2. Tally the data by making one mark for each data
item in the column next to the appropriate class.
3. Count the tally marks for each class and write the
number in the column next to the tally marks.

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© 2015 South-Western, a part of Cengage Learning 24–7
Figure 24.1 Frequency Table

© 2015 South-Western, a part of Cengage Learning 24–8

to Compute the Mean for a Large Data Set

1. Add all the numbers in each column.

2. Add all the numbers in each row.
3. Compute the grand total by adding all the column
totals.
4. Check the grand total by adding all the row totals.
5. Divide the grand total by the number of values to
get the mean.

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© 2015 South-Western, a part of Cengage Learning 24–9
© 2015 South-Western, a part of Cengage Learning 24–10
Figure 24.2 Histogram

© 2015 South-Western, a part of Cengage Learning 24–11

Figure 24.3 Revenues, Expenses, and Net Profits
(in millions of dollars)

© 2015 South-Western, a part of Cengage Learning 24–12

Figure 24.4 Bar Graph

© 2015 South-Western, a part of Cengage Learning 24–13

Figure 24.5 Comparative Bar Graph

© 2015 South-Western, a part of Cengage Learning 24–14

Figure 24.6 Component Bar Graph

© 2015 South-Western, a part of Cengage Learning 24–15

Figure 24.7 Comparative Bar Graph

© 2015 South-Western, a part of Cengage Learning 24–16

Figure 24.8 Line Graph

© 2015 South-Western, a part of Cengage Learning 24–17

Figure 24.9 Histogram—Residential Division

© 2015 South-Western, a part of Cengage Learning 24–18

Figure 24.10 Histogram—Commercial Division

© 2015 South-Western, a part of Cengage Learning 24–19

Figure 24.11 Sales Revenue for Bay View Market—Current Year

© 2015 South-Western, a part of Cengage Learning 24–20

Figure 24.12 Pie Chart

© 2015 South-Western, a part of Cengage Learning 24–21

Chapter Terms for Review

average histogram
bar graph line graph
business statistics mean
classes of data median
comparative bar graph mode
component bar graph pie chart
frequency statistics
frequency table ungrouped data
grouped data

© 2015 South-Western, a part of Cengage Learning 24–22

Assignment 24.1: Statistical Averages

A Solve the following problems.

© 2015 South-Western, a part of Cengage Learning 24–23

Assignment 24.1: Statistical Averages

A Solve the following problems.

© 2015 South-Western, a part of Cengage Learning 24–24

Assignment 24.1: Statistical Averages

A Solve the following problems.

© 2015 South-Western, a part of Cengage Learning 24–25

Assignment 24.1: Statistical Averages