How Data is Organized

Unique insights can be gleaned by looking at the shape of your data.

Data can be organized via a central tendency.

To do so, order your data set from smallest to largest.

When data is neatly lined up, you can start to see dispersion for the first time.

By seeing how spread out data is you can compute the data’s range by subtracting the largest value from the smallest value.

If data has a large range (the distance between the minimum and maximum values) then it is said to have high dispersion.

Lastly, you can look at all available data or a snapshot of a dataset. You can easily compute the mean, median, and mode.

Think about the following thought experiment. If you place your hand into a jar of M&Ms and pull out one red one, what can you deduce?

Likely not much. Let us explain why by defining confidence intervals.

Confidence Intervals

A confidence interval is a range of values that’s likely to include a population value with a certain degree of confidence.

Usually it is expressed as a percentage whereby the population mean lies between a lower and upper interval.

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