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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.
Each weekend, Derek either reads a book (B), goes to the cinema (C), visits his local museum (M), or plays squash (S). If he reads a book one weekend, then he will take part in one
Consider three stocks A, B and C costing $100 each. The annual returns on the three stocks have mean $5 and variance $10. a. Suppose that the returns on the three stocks are i.i
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applications of normal probability distribution
Linear Programming
Empirical Mode Where mode is ill-defined, its value may be ascertained by the following formula based upon the empirical relationship between Mean, Median and Mode: Mode = 3
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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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