Descriptive Statistics Concepts

Professor P explains how to calculate various statistical measures such as mean, median, quartiles, standard deviation, variance, coefficient of variation, and skewness using a sample of insurance policy processing times. The tutorial includes using Excel's descriptive statistics function and constructing a box plot to determine data skewness. The video aims to help viewers understand these statistical concepts and apply them to real-world data analysis.

Which of the following is NOT a statistical concept covered in the introduction?

• Variance

• Mode

• Skewness

• Mean

Which of the following is NOT a measure of central tendency?

• Variance

• Mode

• Median

• Mean

What is the sample size of the data set used in the example?

• 27

• 35

• 25

• 30

What tool is used to calculate descriptive statistics in the example?

• Python

• R Programming

• Google Sheets

• Excel

Which of the following is NOT calculated using Excel's descriptive statistics function?

• Mean

• Variance

• Median

• Mode

What is the first step in using Excel's descriptive statistics function?

• Click on 'Insert'

• Open a new worksheet

• Select the data

• Use the 'SUM' function

What is the purpose of using Excel's descriptive statistics function?

• To calculate basic statistical measures

• To sort data

• To create graphs

• To format data

What is the median value of the data set?

• 43.8

• 25.8

• 45

• 76

How is the first quartile calculated in Excel?

• Using the MEDIAN function

• Using the QUARTILE function

• Using the MODE function

• Using the AVERAGE function

Which statistical measure is used to determine the average scatter around the mean?

• Median

• Range

• Standard Deviation

• Variance