How to Measure Anything: Finding the Value of Intangibles in Business by Hubbard Douglas W

Author:Hubbard, Douglas W. [Hubbard, Douglas W.]
Language: eng
Format: mobi, epub
ISBN: 9780470625682
Publisher: Wiley
Published: 2010-04-06T16:00:00+00:00

In Chapter 3, I briefly mentioned the Rule of Five. Remember, that rule states that if you randomly sample 5 of any population, there is a 93.75% chance that the median of the population is between the largest and smallest values in the sample. The median of a population is a value where exactly half of the population is below it and half above it. The t-statistic, however, estimates the mean of the population—the total of all the values divided by the size of the population.

But the Rule of Five is only one rule from a set of similar rules for highly simplified small sample statistics. Like the Rule of Five, if we can come up with a method where sample values themselves can be used to directly estimate a 90% CI for the median of the population, we can quickly estimate a range without any math at all.

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