The treatment of kurtosis in textbooks is both sparse and contradictory with applications rarely discussed. To address this, an easily understood definition of kurtosis is introduced and important applications are demonstrated. Two different approaches to teaching kurtosis are presented based on a financial application.

Descripting Statistics provides methodology and tools for user-friendly presentation of random data. Among the summary measures that describe focal tendencies in random data, the mode is given the least amount of attention and it is frequently misinterpreted in many introductory textbooks on statistics. The purpose of the paper is to provide a…

In this paper, we propose a new prediction analysis model which combines the first order one variable Grey differential equation Model (abbreviated as GM(1,1) model) from grey system theory and time series Autoregressive Integrated Moving Average (ARIMA) model from statistics theory. We abbreviate the combined GM(1,1) ARIMA model as ARGM(1,1)…

A classroom exercise for undergraduate and beginning graduate students that takes about one class period is proposed and discussed. It is an easy, interesting exercise that demonstrates important aspects of sampling techniques (sample amount, particle size, and the representativeness of the sample in relation to the bulk material). The exercise…

The maximum and minimum of a sample from a probability distribution are extremely important random variables in many areas of psychological theory, methodology, and statistics. For instance, the behavior of the mean of the maximum or minimum processing time, as a function of the number of component random processing times ("n"), has been studied…