Learn about the difference between mean and median and use those ideas to explore data.
- Recall that to compute an average,…you take all the values, add them up and then…divide by the number of values.…So let's practice computing an average.…Here are five famous people.…Let's compute their average height in inches.…The sum of their heights is 358 inches,…divide that by five to get an average height of 71.6 inches…which is just a shade less than an even six feet tall.…Hmmm, this average seems a little misleading.…Four of the five people are nowhere near six feet tall.…
The tallest of these four, Meg Ryan,…is just five feet eight inches.…The reason the average in this case is misleading…is because we have one very tall observation,…Yao Ming, a famous Chinese basketball player…at seven feet six inches,…who pulls the average up for everyone.…The distribution of heights for these five people is…called a skewed distribution.…An extreme observation is pulling the mean up.…A distribution can also be skewed downward,…if for example we included the height…of Princess Charlotte of Great Britain who is two years old,…
In this course, join accounting professors Jim and Kay Stice as they help you discover how to leverage the power of numbers to approach businesses problems and make everyday decisions. They explore the power of ratios and percentages, how to monitor and evaluate your budget, how to forecast the timing and amount of a business loan, and much more.
- Explain the rule of 72.
- Determine net income based on wholesale and retail costs.
- Apply the appropriate methods to convert fractions to percentages.
- Define “consumer price index.”
- Identify the difference between mean and median.
- Recall how to calculate conditional and unconditional probability.
Skill Level Beginner
1. The Power of Ratios and Percentages
2. Applied Probability and Statistics
3. Numerical Planning and Measurement
4. Interest: Paying and Earning
5. The Art of Numerical Estimation
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