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4 cards from this section. Quick, good the night before a test.
What is the mean of 8, 10, and 12?
Add the numbers and divide by how many there are.
What is the mode of 5, 5, 3, 8?
Look for the number that occurs the most.
What is the average value of a dataset called?
Remember, the mean is calculated by adding all numbers and dividing.
True or False: The median is always the highest value in a dataset.
Think of how the median is defined.
A dataset consists of the scores {55, 70, 70, 90, 80}. Calculate the mean, median, mode, and standard deviation.
Calculate each statistic step by step.
Explain a real-world scenario where understanding the standard deviation is crucial. Provide an example.
Reflect on risk versus average yields.
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