Application: analyzing summary statistics | Business & Finance homework help

The summary statistics for a data set include the mean, median, mode, standard deviation and range. To calculate these values, you would need to first add up all of the values in the data set and divide by the number of items in the data set to get the mean. Then you would order all of the values from smallest to largest and find the value that is in the middle of this list (this is your median). Next, count how often each value appears in your data set; whichever value appears most frequently is your mode. To calculate standard deviation, subtract each individual value from the mean and then square those differences; sum them together and divide by n-1 (where n is equal to number of items in your sample) and then take a square root. The range can be calculated by subtracting minimum value from maximum value.