What is the Coefficient of Skewness?
The coefficient of skewness helps you understand the asymmetry of your data distribution. Imagine you're at a carnival gameβsometimes the balls cluster to one side or perhaps they're more evenly spread out. This is essentially what skewness measures.
Knowing the skewness of your data can be enormously helpful. It tells you if your data is skewed to the left, skewed to the right, or perfectly symmetrical, which in turn can influence your decisions, whether you're working in finance, healthcare, or quality control.
How to Calculate Coefficient of Skewness
The formula is straightforward:
[\text{Coefficient of Skewness} = \frac{3 \times (\text{Mean} - \text{Median})}{\text{Sample Size}}]
Where:
- Mean is the average value of your data set.
- Median is the middle value in your data set.
- Sample Size is the number of observations in your data set.
To break it down:
- Subtract the median from the mean: This gives you the difference between the two central tendency measures.
- Multiply the result by 3: Simple scaling.
- Divide by the sample size: This normalizes the value, giving you a dimensionless coefficient.
Calculation Example
Imagine you have a sample data set, and you've calculated the following:
- Mean: 7
- Median: 5
- Sample Size: 200
Plugging these values into the formula:
[\text{Coefficient of Skewness} = \frac{3 \times (7 - 5)}{200} = \frac{6}{200} = 0.03]
The coefficient of skewness is 0.03. This low value suggests that your data set is pretty symmetrical.
Summary Table
| Statistic | Value |
|---|---|
| Mean | 7 |
| Median | 5 |
| Sample Size | 200 |
| Skewness Coefficient | 0.03 |