Study Sheet of Basic Statistics

Business Math Terms

  • Data Set a collection of related values.
  • The Mean is the mathematical average of your data set.
  • Median is a basic statistic that describes a different type of average. It represents the "middle" of a data set, with half its numbers higher than the median and half lower.
  • Mode represents the value or values that occur most often in a data set. (If no value occurs more than once, the data set is said to have no mode.)
  • Range describes the degree of variety in your data set. A large range indicates a more varied data set, while a small range indicates the data is very similar.

Finding the…

Finding the Mean of a Data Set :

 Mean = (sum of values)/(number of values)

Finding the Median of a Data Set

 Median = (sum of middle values)/2

Finding the Mode of a Data Set

 Mode = Value that appears most often in the data set

    If no value appears more than once, the data set has no mode

Finding the Range of a Data Set

 Range = largest value – smallest value