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Chapter 3 Numerically Summarizing Data

Chapter 3 Numerically Summarizing Data. Insert photo of cover. Section 3.5 The Five-Number Summary and Boxplots. Objectives Compute the five-number summary Draw and interpret boxplots. EXAMPLE Obtaining the Five-Number Summary.

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Chapter 3 Numerically Summarizing Data

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  1. Chapter 3 Numerically Summarizing Data Insert photo of cover

  2. Section 3.5 The Five-Number Summary and Boxplots Objectives • Compute the five-number summary • Draw and interpret boxplots

  3. EXAMPLEObtaining the Five-Number Summary Every six months, the United States Federal Reserve Board conducts a survey of credit card plans in the U.S. The following data are the interest rates charged by 10 credit card issuers randomly selected for the July 2005 survey. Determine the five-number summary of the data. First, we write the data is ascending order: 6.5%, 9.9%, 12.0%, 13.0%, 13.3%, 13.9%, 14.3%, 14.4%, 14.4%, 14.5% The smallest number is 6.5%. The largest number is 14.5%. The first quartile is 12.0%. The second quartile is 13.6%. The third quartile is 14.4%. Five-number Summary: 6.5% 12.0% 13.6% 14.4% 14.5% Source: http://www.federalreserve.gov/pubs/SHOP/survey.htm

  4. Objective 2 • Draw and interpret boxplots

  5. EXAMPLEConstructing a Boxplot Every six months, the United States Federal Reserve Board conducts a survey of credit card plans in the U.S. The following data are the interest rates charged by 10 credit card issuers randomly selected for the July 2005 survey. Draw a boxplot of the data. Source: http://www.federalreserve.gov/pubs/SHOP/survey.htm

  6. Step 1: The interquartile range (IQR) is 14.4% - 12% = 2.4%. The lower and upper fences are: Lower Fence = Q1 – 1.5(IQR) Upper Fence = Q3 + 1.5(IQR) = 12 – 1.5(2.4) = 14.4 + 1.5(2.4) = 8.4% = 18.0% Step 3: Step 4: Step 5: Step 2: [ ] *

  7. Objective 3 • Use a boxplot and quartiles to describe the shape of a distribution

  8. The interest rate boxplot indicates that the distribution is skewed left.

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