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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.
Flow Chart for Confidence Interval We can now prepare a flow chart for estimating a confidence interval for μ, the population parameter. Figure
Features of index numbers
If the test is two-tailed, H1: μ ≠ μ 0 then the test is called two-tailed test and in such a case the critical region lies in both the right and left tails of the sampling distr
#question HOW TO TEST
limitations of time series analysis
The file Midterm Data.xls has a tab labeled "National Grid vs. Alcoa" which presents historical price data for two stocks. Using the National Grid price as the X-value and the Al
Analytical Approach We will illustrate this through an example. Example 1 A firm sells a product in a market with a few competitors. The average price charged by the
Root Mean Square Deviation The standard deviation is also called the ROOT MEAN SQUARE DEVIATION. This is because it is the ROOT (Step 4) of the MEAN (Step 3) o
simplified formulae
Explain any two applications of statistics
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