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Definition of Central Tendency
The central tendency of a variable means a typical value around which other values tend to concentrate which can be measured. Such concentration of the values in the central part of distribution is referred as measure of central tendency also known as averages. Thus averages are typical values around which other items of the distribution congregate. They are the value of a statistical series. In the words of Yule and Kendall, Measure of the location or position of frequency distribution are called averages ,According to croxton and Cowden, An average is a single value within the range of the data which is used to represent all the value in the series. Since an average is somewhere within the range of the data , it is sometimes called a measure of central value .
Similarly A,E.Waugh has defined it as an average is a single value selected from a group of value to represent them in some way a value which is supposed to stand for whole group of which it is a part or typical of all the value in the group.
Dr. A. L. Bowley has said statistics may right be called the science of average.
Agency revenues. An economic consultant was retained by a large employment agency in a metropolitan area to develop a regression model for predicting monthly agency revenues ( y ).
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Classification of Universe The universe may be classified either on the basis of number of units and on the basis of existence of units as is clear from the following chart :
Use the information given below to find the P-value. Also, use a 0.05 significance level and state the conclusion about the null hypothesis (reject the null hypothesis or fail to
The investor has constant wealth 1 and is o?ered to invest in shares of a project that either gains 3=2 or loses 1 with equal probabilities. Therefore, if the investor obtains sha
Correlation Analysis Correlation Analysis is performed to measure the degree of association between two variables. The measure is called coefficient of correlation. The coeffic
The State Department of Taxation wishes to investigate the effect of experience, x, on the amount of time, y, required to fill out Form ST 1040AVG, the state income-averaging form.
Cause and Effect Even a highly significant correlation does not necessarily mean that a cause and effect relationship exists between the two variables. Thus, correlation does
Geometric Mean is defined as the n th root of the product of numbers to be averaged. The geometric mean of numbers X 1 , X 2 , X 3 .....X n is given as
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