68 Chapter 2 Graphical Summaries of Data Solution The following figure shows the dotplot constructed in MINITAB. Step-by-step instructions for constructing dotplots with MINITAB are given in the Using Technology section on page 70. Objective 3 Construct time-series plots Time-Series Plots A time-series plot may be used when the data consist of values of a variable measured at different points in time. As an example, we consider the Dow Jones Industrial Average, which reflects the prices of 30 large stocks. Table 2.19 presents the closing value of the Dow Jones Industrial Average at the end of each year from 2000 to 2009. Table 2.19 Dow Jones Industrial Average Year Average 2000 10,786.85 2001 10,021.50 2002 8,341.63 2003 10,453.92 2004 10,783.01 2005 10,717.50 2006 12,463.15 2007 13,264.82 2008 8,776.39 2009 10,428.05 Source: www.1stock1.com/1stock1 139.htm In a time-series plot, the horizontal axis represents time, and the vertical axis represents the value of the variable we are measuring.We plot the values of the variable at each of the times, then connect the points with straight lines. Example 2.16 shows how. EXAMPLE 2.16 Constructing a time-series plot Construct a time-series plot for the data in Table 2.19. Solution Step 1: Label the horizontal axis with the times at which measurements were made. Step 2: Plot the value of the Dow Jones Industrial Average for each year. Step 3: Connect the points with straight lines.
navidi_monk_essential_statistics_1e_ch1_3
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