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Chapter 3

Numerical Descriptive Measures

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Objectives

In this chapter, you learn to:

⚫ Describe the properties of central tendency, variation,
and shape in numerical variables.
⚫ Construct and interpret a boxplot.
⚫ Compute descriptive summary measures for a
population.
⚫ Calculate the covariance and the coefficient of
correlation.

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Summary Definitions

▪ The central tendency is the extent to which the

values of a numerical variable group around a
typical or central value.

▪ The variation is the amount of dispersion or

scattering away from a central value that the
values of a numerical variable show.

▪ The shape is the pattern of the distribution of

values from the lowest value to the highest value.
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3.1. Measures of Central Tendency

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The Mean

⚫ The arithmetic mean (often just called the “mean”)

is the most common measure of central tendency.

– For a sample of size n:

The ith value
Pronounced x-bar
n

X i
X1 + X2 +  + Xn
X= i=1
=
n n
Sample size Observed values
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The Mean (con’t)

⚫ The most common measure of central tendency.

⚫ Mean = sum of values divided by the number of values.
⚫ Affected by extreme values (outliers).

11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20

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The Median

⚫ In an ordered array, the median is the “middle”

number (50% above, 50% below).

11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20

⚫ Less sensitive than the mean to extreme values.

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Locating the Median

⚫ The location of the median when the values are in numerical order
(smallest to largest):

n +1
Median position = position in the ordered data
2
⚫ If the number of values is odd, the median is the middle number.

⚫ If the number of values is even, the median is the average of the two
middle numbers.

Note that
n + 1 is not the value of the median, only the position of
2
the median in the ranked data.

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The Mode
⚫ Value that occurs most often.
⚫ Not affected by extreme values.
⚫ Used for either numerical or categorical data.
⚫ There may be no mode.
⚫ There may be several modes.

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 0 1 2 3 4 5 6

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Review Example

House Prices: ▪ Mean:

$2,000,000
$ 500,000
$ 300,000
▪ Median:
$ 100,000
$ 100,000
▪ Mode:
Sum $ 3,000,000

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Which Measure to Choose?

▪ The mean is generally used, unless extreme

values (outliers) exist.
▪ The median is often used, since the median is not
sensitive to extreme values. For example,
median home prices may be reported for a
region; it is less sensitive to outliers.
▪ In many situations it makes sense to report both
the mean and the median.

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Measure of Central Tendency For The Rate Of Change

Of A Variable Over Time:
The Geometric Mean & The Geometric Rate of Return

▪ Geometric mean
▪ Used to measure the rate of change of a variable over time.

X G = (X1  X 2  X n ) 1/ n

▪ Geometric mean rate of return

▪ Measures the status of an investment over time.

RG = [(1 + R1 )  (1 + R2 )   (1 + Rn )]1/ n − 1
▪ Where Ri is the rate of return in time period i.

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The Geometric Mean & The Mean Rate of

Return: Example

An investment of $100,000 declined to $50,000 at the end of

year one and rebounded to $100,000 at end of year two:

X1 = $100,000 X2 = $50,000 X3 = $100,000

50% decrease 100% increase

The overall two-year return is zero, since it started and ended
at the same level.

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The Geometric Mean & The Mean Rate of Return:

Example (con’t)

Use the 1-year returns to compute the arithmetic mean

and the geometric mean:
Arithmetic
mean rate ( −.5) + (1) Misleading result
of return: X= = .25 = 25%
2

Geometric RG = [(1 + R1 )  (1 + R2 )   (1 + Rn )]1 / n − 1 More

mean rate of
= [(1 + ( −.5))  (1 + (1))]1 / 2 − 1 representative
return:
= [(.50)  ( 2)]
1/ 2
−1 = 1
1/ 2
− 1 = 0% result

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Measures of Central Tendency:

Summary

Central Tendency

Arithmetic Median Mode Geometric Mean

Mean
n

X i
XG = ( X1  X2   Xn )1/ n
X= i=1
n Middle value Most Rate of
in the ordered frequently change of
array observed a variable
value over time

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3.2. Measures of Variation and sphape

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Measures of Variation

Variation

Range Variance Standard Coefficient

Deviation of Variation

◼ Measures of variation give

information on the spread
or variability or
dispersion of the data Same center,
values. different variation
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The Range

▪ Simplest measure of variation.

▪ Difference between the largest and the smallest values:

Range = Xlargest – Xsmallest

Example:

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Range = 13 - 1 = 12

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Why The Range Can Be Misleading

▪ Does not account for how the data are distributed.

7 8 9 10 11 12 7 8 9 10 11 12
Range = 12 - 7 = 5 Range = 12 - 7 = 5

▪ Sensitive to outliers
1,1,1,1,1,1,1,1,1,1,1,2,2,2,2,2,2,2,2,3,3,3,3,4,5
Range = 5 - 1 = 4

1,1,1,1,1,1,1,1,1,1,1,2,2,2,2,2,2,2,2,3,3,3,3,4,120
Range = 120 - 1 = 119

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The Sample Variance

⚫ Average (approximately) of squared deviations of

values from the mean.
n
– Sample variance:  (X i − X) 2

S =2 i =1
n -1
Where X = arithmetic mean
n = sample size
Xi = ith value of the variable X
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The Sample Standard Deviation

⚫ Most commonly used measure of variation.
⚫ Shows variation about the mean.
⚫ Is the square root of the variance.
⚫ Has the same units as the original data.

– Sample standard deviation: S =

 i
(X
i=1
− X ) 2

n -1

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The Sample Standard Deviation

Steps for Computing Standard Deviation:

1. Compute the difference between each value and

the mean.
2. Square each difference.
3. Add the squared differences.
4. Divide this total by n-1 to get the sample variance.
5. Take the square root of the sample variance to get
the sample standard deviation.
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Sample Standard Deviation Calculation

Example
Sample
Data (Xi) : 10 12 14 15 17 18 18 24
n=8 Mean = X = 16
(10 − X)2 + (12 − X)2 + (14 − X)2 +  + (24 − X)2
S=
n −1

(10 − 16)2 + (12 − 16)2 + (14 − 16)2 +  + (24 − 16)2

=
8 −1

130 A measure of the “average”

= = 4.3095
7 scatter around the mean.
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Comparing Standard Deviations

Data A
Mean = ?
11 12 13 14 15 16 17 18 19 20 21 S=?

Data B Mean = ?
11 12 13 14 15 16 17 18 19 20
S=?
21

Data C Mean = ?
S=?
11 12 13 14 15 16 17 18 19 20 21

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Comparing Standard Deviations

Smaller standard deviation

Larger standard deviation

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Summary Characteristics

▪ The more the data are spread out, the greater

the range, variance, and standard deviation.

▪ The more the data are concentrated, the

smaller the range, variance, and standard
deviation.

▪ If the values are all the same (no variation), all

these measures will be zero.

▪ None of these measures are ever negative.

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The Coefficient of Variation

⚫ Measures relative variation.

⚫ Always in percentage (%).
⚫ Shows variation relative to mean.
⚫ Can be used to compare the variability of two or
more sets of data measured in different units.

 S
CV =    100%

X 
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Comparing Coefficients of Variation

⚫ Stock A:
– Mean price last year = $50.
– Standard deviation = $5.
S $5
CVA =    100% =  100% = 10%
X $50 Both stocks have
⚫ Stock B: the same
standard
– Mean price last year = $100. deviation, but
stock B is less
– Standard deviation = $5. variable relative
to its mean price.
S $5
CVB =    100% =  100% = 5%
X $100
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Comparing Coefficients of Variation

(con’t)
⚫ Stock A:
– Mean price last year = $50.
– Standard deviation = $5.
S $5
 
CVA =    100% =  100% = 10%
X $50 Stock C has a
much smaller
⚫ Stock C:
standard
– Mean price last year = $8. deviation but a
much higher
– Standard deviation = $2. coefficient of
variation
 S  $2
CVC =    100% =  100% = 25%

X  $8
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Locating Extreme Outliers:

Z-Score
▪ To compute the Z-score of a data value, subtract the
mean and divide by the standard deviation.

▪ The Z-score is the number of standard deviations a

data value is from the mean.

▪ A data value is considered an extreme outlier if its Z-

score is less than -3.0 or greater than +3.0.

▪ The larger the absolute value of the Z-score, the

farther the data value is from the mean.

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Locating Extreme Outliers:

Z-Score

X−X
Z=
S

where X represents the data value

X is the sample mean
S is the sample standard deviation

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Locating Extreme Outliers:

Z-Score
▪ Suppose the mean math SAT score is 490, with a
standard deviation of 100.
▪ Compute the Z-score for a test score of 620.

X − X 620 − 490 130

Z= = = = 1.3
S 100 100

A score of 620 is 1.3 standard deviations above the

mean and would not be considered an outlier.

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Shape of a Distribution

⚫ Describes how data are distributed.

⚫ Two useful shape related statistics are:
– Skewness:
⚫Measures the extent to which data values are not
symmetrical.
– Kurtosis:
⚫Kurtosis measures the peakedness of the curve of
the distribution—that is, how sharply the curve rises
approaching the center of the distribution.
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Shape of a Distribution (Skewness)

⚫ Measures the extent to which data is not symmetrical.

Left-Skewed Symmetric Right-Skewed

Mean < Median Mean = Median Median < Mean

Skewness
Statistic < 0 0 >0
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Shape of a Distribution -- Kurtosis

measures how sharply the curve rises
approaching the center of the distribution

Sharper Peak
Than Bell-Shaped
(Kurtosis > 0)

Bell-Shaped
(Kurtosis = 0)
Flatter Than
Bell-Shaped
(Kurtosis < 0)

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3.3. Exploring Numerical variables

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Exploring Numerical Data Using Quartiles

⚫ Can visualize the distribution of the values for

a numerical variable by computing:
– The quartiles.

– The five-number summary.

– Constructing a boxplot.

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Quartile Measures
⚫ Quartiles split the ranked data into 4 segments with an
equal number of values per segment.

25% 25% 25% 25%

Q1 Q2 Q3

◼ The first quartile, Q1, is the value for which 25% of the
values are smaller and 75% are larger.
◼ Q2 is the same as the median (50% of the values are
smaller and 50% are larger).
◼ Only 25% of the values are greater than the third quartile.

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Quartile Measures: Locating Quartiles

Find a quartile by determining the value in the

appropriate position in the ranked data, where:

First quartile position: Q1 = (n+1)/4 ranked value.

Second quartile position: Q2 = (n+1)/2 ranked value.

Third quartile position: Q3 = 3(n+1)/4 ranked value.

where n is the number of observed values.

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Quartile Measures: Calculation Rules

⚫ When calculating the ranked position use the following
rules:
– If the result is a whole number then it is the ranked
position to use.

– If the result is a fractional half (e.g. 2.5, 7.5, 8.5, etc.)

then average the two corresponding data values.

– If the result is not a whole number or a fractional half

then round the result to the nearest integer to find the
ranked position.
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Quartile Measures
Calculating The Quartiles: Example
Sample Data in Ordered Array: 11 12 13 16 16 17 18 21 22

(n = 9)
Q1 is in the (9+1)/4 = 2.5 position of the ranked data,
so Q1 = (12+13)/2 = 12.5.

Q2 is in the (9+1)/2 = 5th position of the ranked data,

so Q2 = median = 16.

Q3 is in the 3(9+1)/4 = 7.5 position of the ranked data,

so Q3 = (18+21)/2 = 19.5.
Q1 and Q3 are measures of non-central location.
Q2 = median, is a measure of central tendency.
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Quartile Measures: The Interquartile Range (IQR)

⚫ The IQR is Q3 – Q1 and measures the spread in the middle

50% of the data.

⚫ The IQR is also called the midspread because it covers the

middle 50% of the data.

⚫ The IQR is a measure of variability that is not influenced by

outliers or extreme values.

⚫ Measures like Q1, Q3, and IQR that are not influenced by
outliers are called resistant measures.

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Calculating The Interquartile

Range
Example:
Median X
X Q1 Q3 maximum
minimum (Q2)
25% 25% 25% 25%

12 30 45 57 70

Interquartile range
= 57 – 30 = 27

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The Five Number Summary

The five numbers that help describe the center, spread

and shape of data are:
▪ Xsmallest.
▪ First Quartile (Q1).
▪ Median (Q2).
▪ Third Quartile (Q3).
▪ Xlargest.

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Relationships among the five-number

summary and distribution shape

Left-Skewed Symmetric Right-Skewed

Median – Xsmallest Median – Xsmallest Median – Xsmallest
> ≈ <
Xlargest – Median Xlargest – Median Xlargest – Median
Q1 – Xsmallest Q1 – Xsmallest Q1 – Xsmallest

> ≈ <

Xlargest – Q3 Xlargest – Q3 Xlargest – Q3

Median – Q1 Median – Q1 Median – Q1

> ≈ <

Q3 – Median Q3 – Median Q3 – Median

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Five Number Summary and

The Boxplot

⚫ The Boxplot: A Graphical display of the data based

on the five-number summary:
Xsmallest -- Q1 -- Median -- Q3 -- Xlargest
Example:

25% of data 25% 25% 25% of data

of data of data

Xsmallest Q1 Median Q3 Xlargest

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Five Number Summary:

Shape of Boxplots
⚫ If data are symmetric around the median then the box and
central line are centered between the endpoints.

Xsmallest Q1 Median Q3 Xlargest

⚫ A Boxplot can be shown in either a vertical or horizontal

orientation.

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Distribution Shape and

The Boxplot

Left-Skewed Symmetric Right-Skewed

Q1 Q2 Q3 Q 1 Q2 Q3 Q1 Q2 Q3

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Boxplot Example

⚫ Below is a Boxplot for the following data:

Xsmallest Q1 Q2 / Median Q3 Xlargest

0 2 2 2 3 3 4 5 5 9 27

00 2233 5 5 27 27

⚫ The data are right skewed, as the plot depicts.

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3.4. Numerical Descriptive Measures for a Population

▪ Descriptive statistics discussed previously described a

sample, not the population.

▪ Summary measures describing a population, called

parameters, are denoted with Greek letters.

▪ Important population parameters are the population mean,

variance, and standard deviation.

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The mean µ
⚫ The population mean is the sum of the values in the
population divided by the population size, N.

X i
X1 + X2 +  + XN
= i=1
=
N N
Where μ = population mean
N = population size
Xi = ith value of the variable X
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The Variance σ2

⚫ Average of squared deviations of values from the

mean.
N

– Population variance:  (X − μ)i

2

σ2 = i=1
N

Where μ = population mean

N = population size
Xi = ith value of the variable X
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The Standard Deviation σ

⚫ Most commonly used measure of variation.

⚫ Shows variation about the mean.
⚫ Is the square root of the population variance.
⚫ Has the same units as the original data.

– Population standard deviation:

N

 i
(X − μ)2

σ= i=1
N
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Sample statistics versus population

parameters

Measure Population Sample

Parameter Statistic
Mean
 X
Variance
2 S2
Standard
 S
Deviation

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The Empirical Rule

⚫ The empirical rule approximates the variation of
data in a symmetric mound-shaped distribution.
⚫ Approximately 68% of the data in a symmetric
mound shaped distribution is within 1 standard
deviation of the mean or µ ± 1σ.

68%

µ
µ ± 1σ
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The Empirical Rule

⚫ Approximately 95% of the data in a symmetric mound-
shaped distribution lies within two standard deviations of
the mean, or µ ± 2σ.

⚫ Approximately 99.7% of the data in a symmetric mound-

shaped distribution lies within three standard deviations
of the mean, or µ ± 3σ.

95% 99.7%

μ  2σ μ  3σ
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Using the Empirical Rule

▪ Suppose that the variable Math SAT scores is bell-

shaped with a mean of 500 and a standard deviation
of 90. Then:

▪ Approximately 68% of all test takers scored

between 410 and 590, (500 ± 90).
▪ Approximately 95% of all test takers scored
between 320 and 680, (500 ± 180).
▪ Approximately 99.7% of all test takers scored
between 230 and 770, (500 ± 270).
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Chebyshev’s Rule
⚫ Regardless of how the data are distributed, at least
(1 - 1/k2) x 100% of the values will fall within k
standard deviations of the mean (for k > 1).
– Examples:

At least Within
(1 - 1/22) x 100% = 75% ….............. k=2 (μ ± 2σ)
(1 - 1/32) x 100% = 88.89% ……….. k=3 (μ ± 3σ)

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We Discuss Two Measures Of The Relationship

Between Two Numerical Variables
⚫ Scatter plots allow you to visually examine the
relationship between two numerical variables
and now we will discuss two quantitative
measures of such relationships.

⚫ The Covariance.
⚫ The Coefficient of Correlation.

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3.5. The Covariance and

the coefficient of correlation

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The Covariance

⚫ The covariance measures the strength of the linear relationship

between two numerical variables (X & Y).
⚫ The sample covariance:

 ( X − X)( Y − Y )
i i
cov ( X , Y ) = i=1
n −1
⚫ Only concerned with the strength of the relationship.
⚫ No causal effect is implied.

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Interpreting Covariance

⚫ Covariance between two variables:

cov(X,Y) > 0 X and Y tend to move in the same direction.
cov(X,Y) < 0 X and Y tend to move in opposite directions.

cov(X,Y) = 0 X and Y are independent.

⚫ The covariance has a major flaw:

– It is not possible to determine the relative strength
of the relationship from the size of the covariance.
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Coefficient of Correlation

⚫ Measures the relative strength of the linear

relationship between two numerical variables.
⚫ Sample coefficient of correlation:

cov (X , Y)
r=
SX SY
Where,
n

 (X − X)(Y − Y)
n n
i i  (X − X)
i
2
 (Y − Y)
i
2

cov (X , Y) = i=1
SX = i=1
SY = i=1
n −1 n −1 n −1

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Features of the
Coefficient of Correlation

⚫ The population coefficient of correlation is referred as ρ.

⚫ The sample coefficient of correlation is referred to as r.
⚫ Either ρ or r have the following features:
– Unit free.
– Range between –1 and 1.
– The closer to –1, the stronger the negative linear
relationship.
– The closer to 1, the stronger the positive linear relationship.
– The closer to 0, the weaker the linear relationship.
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Scatter Plots of Sample Data with Various Coefficients of

Correlation

Y Y

X X
r = -1 r = -.6
Y
Y Y

X X X
r = +1 r = +.3 r=0
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3.6. Descritive statistics: pitfalls and

Ethical issues

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Pitfalls in Numerical
Descriptive Measures

⚫ Data analysis is objective:

– Should report the summary measures that best
describe and communicate the important aspects
of the data set.

⚫ Data interpretation is subjective:

– Should be done in fair, neutral and clear manner.

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Ethical Considerations

Numerical descriptive measures:

⚫ Should document both good and bad results.

⚫ Should be presented in a fair, objective and
neutral manner.
⚫ Should not use inappropriate summary measures
to distort facts.

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Chapter Summary

In this chapter we have discussed:

⚫ Describing the properties of central tendency,
variation, and shape in numerical variables.
⚫ Constructing and interpreting a boxplot.
⚫ Computing descriptive summary measures for a
population.
⚫ Calculating the covariance and the coefficient of
correlation.

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