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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.
Sampling Error It is the difference between the value of the actual population parameter and the sample statistic. Samples are used to arrive at conclusions regarding the p
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The calculations of arithmetic mean may be simple and foolproof, but the application of the result may not be so foolproof. An arithmetic mean may not merely lack
Ask Describe What-if Analysis
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 ).
Admixture in human populations The inter-breeding amongst the two or more populations which were previously isolated from each other for the geographical or the cultural reason
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