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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.
discuss the mathematical test of adequacy of index number of formulae. prove algebraically that the laspeyre, paasche and fisher price index formulae satisfies this test. What is
The displacement of a simply supported beam subject to a uniform load is given by the solution of the following differential equation (for small displacements); and q is th
worked model
Calculation of Degrees of Freedom First we look at how to calculate the number of DOF for the numerator. In the numerator since we calculate the variance from the sample means,
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
Universe or Population The word universe as used in statistics denotes the aggregate from which a sample is to be taken. According to Simpson and Kafka, a universe or populatio
Chebychev inequality
Methods of Forecasting Various techniques which are generally used in business forecasting are as under: 1. Forecasting through the opinion of heads of department
data:59,59,65,70,74 176,179,195,210,200
The mean tax-return preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume t
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