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Uses
Arithmetic mean is widely used because of the following reasons:
Mean is the simplest average to understand and easy to compute.
It is relatively reliable in the sense that it does not vary too much when repeated samples are taken from one and the same population, at least not as much as some other kind of statistical descriptions.
The mean is typical in the sense that it is the center of gravity balancing the values on either side of it.
Advantages By definition, mode is the most typical or representative value of a distribution. Hence, when we talk of modal wage, modal size of shoe or modal size of family i
b. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y
The prevalence of undetected diabetes in a population to be screened is approximately 1.5% and it is assumed that 10,000 persons will be screened. The screening test will measure
Pattie-Lynn's utility function for total assets is, in which A represents total assets in thousands of dollars. (a) Graph Pattie-Lynn's utility function. How would y
The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order. As distinct from the arithmetic
Assume that a simple random sample has been selected from a normally distribute population and test the given claim. Identify the null and alternative hypotheses, test statistic,
need help finding the n1 and s1 in the problem
Descriptive Statistics : Carrying out an extensive analysis the data was not a subject to ambiguity and there were no missing values. Below are descriptive statistics that hav
Consider an MBA program as a processing network where the flow unit consists of a student in the program. Suppose the organizations that hire and promote MBAs are considered to be
what is the independent variable in how energetic do people feel after drinking different types of soft drints?
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