Describe a business situation

Reference no: EM13823794

Question 1: Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making the decision. In what situations might the mean not be useful, and how would you know?

Question 2: Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency? How can you tell?

Reference no: EM13823794

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