Business Statistics: Tchebysheff's Theorem
This is a three part question and I'm stuck on the third part, if someone could please help.
Consider the following set of sample data:
78 121 143 88 110 107 62 122 130 95 78 139 89 125
a. Compute the mean and the standard deviation for these sample data.
answer is mean=106.2142857 standard deviation=24.09854344
b. Calculate the coefficient of variation for these sample data and interpret its meaning.
answer is coefficient of variation=22.68860848
I don't know what it means by interpret it's meaning....
c. Using Tchebysheff's Theorem, determine the range of values that should include at least 89% of the data. Count the number of data values that fall into this range and comment on whether your interval range was conservative or not.(Headbang)