2013-15 Measures of Dispersion – Comparison of Cargo shipped via Airline Vs Rail Sector for last five years In statistics‚ dispersion (also called variability‚ scatter‚ or spread) denotes how stretched or squeezed is a distribution (theoretical or that underlying a statistical sample). Common examples of measures of statistical dispersion are the variance‚ standard deviation and interquartile rang.. Dispersion is contrasted with location or central tendency‚ and together they
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1 Measures of Central Tendency “Measures of central tendency (averages) are statistical constants which enable us to figure out in a single effort the significance of the whole.” (Prof Bowley) The main objectives of measure of central tendency are To reduce data in a single value. To make easy comparisons between data. There are different types of averages; each has its own business applications. 1. Arithmetic Mean 2. Median 3. Mode 4. Geometric Mean 5. Harmonic Mean 1.1 Arithmetic
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Subject: Math – Measures of Central Tendency Grade: 6th GLE Standard: Mathematics - Data and Probability. 2. Select and use appropriate statistical methods to analyze data. A. Describe and analyze data - find the range and measures of center‚ including median‚ mode‚ and mean. Materials: - Bag of mixed candy‚ or something comparable the students can sort and count - Whiteboard/blackboard - Computer and display ability - Legal sized paper or construction paper Objectives/Learning Targets:
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Introduction to Statistics (Measures of Central Tendency) Central Tendency: In a representative sample‚ the value of a series of data have a tendency to cluster around a certain point usually at the center of the series is usually called central tendency and its numerical measures are called the measures of central tendency or measures of location. Different Measures of Central Tendency: The following are the important measures of central tendency which are generally used in business:
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Measures Of Central Tendency: Mean Medium Mode Mode instead of mean… Categorical variables‚ words not numbers Measures of Dispersion: Standard Deviation‚ Range‚ and Variables Range = Largest number minus smallest number SD = Average Distance from the Mean (Most frequently used) Variance: Fat & Skinny Distributions: Skewness – measure of the lack of symmetry‚ or the lopsidedness of a distribution. One “tail” of the distribution is longer than another. Kurtosis: has to do
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Week Five Discussion | This Discussion will give you the opportunity to calculate or identify the three measures of central tendency. You will be asked to select an appropriate real life situation in which one measure would be more appropriate than the other two measures of center. 1. Select a topic of interest to you and record the topic in your posting‚ for example: “What is the average number of hours people watch TV every week?” Make sure the question you ask will be answered with a number
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Answer the following problems showing your work and explaining (or analyzing) your results. 1. Describe the measures of central tendency. Under what condition(s) should each one be used? Mean- Works good when it comes to test scores Median- should be used when describing something like average income. Mode= is good is you want to see what is you best seeing product in a store situation. 2. Last year‚ 12 employees from a computer company retired. Their ages at retirement are listed below.First‚
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Review Questions (Chapters 1‚ 2‚ 3 and 7) 1. We have to make choices because: A) we have unlimited income. B) resources are scarce. C) resources are infinite D) with good planning‚ trade-offs can be avoided. 2. The best measure of the opportunity cost of any choice is: A) the monetary cost of that choice. B) whatever you have given up to make that choice‚ even if no monetary costs are involved. C) the cost associated with not taking full advantage of the opportunity offered by that choice
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Session 4 – Measures of Dispersion‚ Variance and Standard Deviation Instructor: Manos Takas Email: m.takas@cityu.gr Range Look at these two sets of data: 2‚ 3‚ 4‚ 5‚ 6 3‚2‚3‚5‚13 -3‚2‚3‚5‚13 They both have a mean of 4. However‚ you can see that the first data set (21 is more spread out than the second data set. The mean doesn’t tell you this. _ To represent the data more accurately‚ you need the mean plus a measure of the spread or dispersion of the data. One simple measure of dispersion is the range
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GDP is the best measure of a country’s “standard of living” Discuss Gross Domestic Product (GDP) is the value of everything produced in the economy for the year. It usually is used to provide economic growth rates and other important data‚ it is valued in terms of the cost of all inputs. Gross means total; domestic means it applies to everything produced within the economy‚ product means output. Standard of living refers to the wellbeing of the population‚ this requires a very wide range of data
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