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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.
operation
Skewness Meaning and Definition Literal meaning of skewness is lack of symmetry; it is a numerical measure which reveals asymmetry of a statistical series. According t
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Explain the characteristics of business forecasting.
Assumption of extrapolation
WHAT YOU MEAN BY UTILITY OF MANAGERIALECONOMICS
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Replacement times for CD players are normally distributed with a mean of 7.1 years and standard deviation of 1.4years. Find the probability that a randomly selected CD player will
Multivariate analysis involves a set of techniques to analyse data sets on more than one variable. Many of these techniques are modern and often involve quite sophisticated use of
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