Business & Finance homework help| Business & Finance homework help
The median and interquartile range are used for data that is not normally distributed.
(b) To determine the standard deviation and mean of normally distributed data, create a histogram using equally spaced intervals with similar widths to cover all of the range in the dataset. A kernel density chart can be used to show skewness if it is found in the data.
(c) Bar charts are used to display categorical variables by plotting separate bars for each category along with its corresponding frequency/percentage. It is preferable to arrange the categories according to their frequency (as descending order is preferred).
(d) Scatter plots can be used to illustrate relationships between numeric variables. Each variable is represented by the x-axis, while another variable corresponds to the y-axis. These can be then compared with each other in order to identify any associations or correlations.