3.1 Measures of Central Tendency (Page 1 of 16) 3.1 Measures of Central Tendency Mean‚ Median and Mode a. mean‚ x = Example 1 b. ! x = sum of the entries n number of entries Find the mean of 26‚ 18‚ 12‚ 31‚ 42 The median is the middle value of an ordered set of data. If there is an even number of data values‚ then the median is the mean of the two middle values. Example 2 Find the median of 25‚ 30‚ 37‚ 21‚ 38 Example 3 Find the median of 3‚ 7‚ 9‚ 4‚ 8‚ 2‚ 6‚ 5 c. The mode is the
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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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ON “Use of Central Tendency and Dispersion in Business Decision” Course Title: Business Statistics Course Code: STS201 Submitted To: Mr. Raihanul Hasan Senior Lecturer Submitted By: Date of submission: 26-12-12 BBA PROGRAM STATE UNIVERSITY OF BANGLADESH We can use single numbers called “Summary Statistics’ to describe characteristics of a data set. Two of these characteristics are particularly important to decision makers: 1. Central tendency 2. Dispersion
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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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Chapter 7: managing flow variability: safety inventory 7.1 Objective In the previous chapter on inventory‚ we focused on economies of scale as the major driver for inventory. The purpose of this chapter is to introduce the notion of safety inventory as a buffer against stochastic variability in supply / demand and discuss various levers for reducing it. The chapter is covered over two classes each of duration 100 minutes. In the first class‚ we first motivate the need for forecasting as a way
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One of the great discoveries made by Dr. Montessori was that all humans have certain tendencies or behavior patterns. No matter where we live‚ no matter our culture or ethnicity‚ we all follow the same natural laws that lead us to act or react in a specific manner. We are all driven to: Communicate Socialize Imitate Explore (we are curious) Move Be exact/precise Concentrate Repeat Maintain/discover order Achieve independence Realize perfection/Control errors/Improve ourselves Control
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Methods of Cost Variability The Methods * The Comparison Method * High and Low Point or Range Method * The Equation Method * The Average Method * The Graphic Method (Scatter diagram) * The Method of Least Squares * The Analytical Method or Degree of Variability Method Illustration From the following month-wise information in respect of semi-variable costs of a firm‚ segregate the cost into fixed and variable elements: Months2009 | Production (Units) | Semi Variable
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Human tendencies Every human‚ regardless of culture‚ place or time of birth‚ exhibits several tendencies. Guided by these tendencies at each stage of development‚ human seeks out the experiences in their environment that will best serve his development. Human being try to create order‚ to find meaning‚ to explore environments‚ to communicate with people around him‚ to pursue activities that are meaningful to become precise in his movements and in his thinking‚ and to work towards self-perfection
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The Tendencies of Human Here are the tendencies of humans as defined by Maria Montessori: • Orientation. Human beings want to know their relationship to the environment around them. When children enter a new environment‚ they often want to look at and touch everything around them. They enjoy knowing "where" they fit in - from learning their address to finding their country and continent on a map. • Order. People prefer order to chaos and confusion. Order brings predictability and security. There
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