Uses of arithmetic mean, Applied Statistics

Assignment Help:

Uses

Arithmetic mean is widely used because of the following reasons:

  1. Mean is the simplest average to understand and easy to compute.

  2. 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.

  3. The mean is typical in the sense that it is the center of gravity balancing the values on either side of it.


Related Discussions:- Uses of arithmetic mean

Population variance, Examining the Population Variance Business decisio...

Examining the Population Variance Business decision making does not limit itself to setting up the hypothesis to test for the equality of more than two means or proportions sim

Find the probability that a lift will weigh, Lifts usually have signs indic...

Lifts usually have signs indicating their maximum capacity. Consider a sign in a lift that reads "maximum capacity 1400kg or 20 persons". Suppose that the weights of lift-users are

Analysis of covariance (ancova), Analysis of covariance (ANCOVA) It is ...

Analysis of covariance (ANCOVA) It is initially used for an expansion of the analysis of variance which permits to the possible effects of continuous concomitant variables (suc

Index number of price for paasche’s method, Construct index numbers of pri...

Construct index numbers of price for the following data by applying: i)      Laspeyre’s method ii)     Paasche’s method iii)    Fisher’s Ideal Index number

Probability, Replacement times for CD players are normally distributed with...

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

Sample, You want to know the thoughts of air travelers in fields such as ti...

You want to know the thoughts of air travelers in fields such as tickets, comffort, safety, securuty, services and economic growth. You are given a database and 20 questions to ask

Determine the matrix of the transformation, Consider the linear transformat...

Consider the linear transformation (a) Find the image of (3 , -2 , 2) under T. (b) Does the vector (5, 3) belong to the range of T? (c) Determine the matrix of the transf

Appropriate statistical test, I would like to know what the appropriate sta...

I would like to know what the appropriate statistical test is for investigating an association between a nominal variable and an ordinal variable assuming normal distribution? It''

General algebraic and quantitative expressions, Read the following data on ...

Read the following data on the economy of Angoia and answer/respond to the questions/instructions that follow. Unless otherwise stated, the monetary figures are in real billions o

Properties of standard deviation, PROPERTIES   1. The value of stand...

PROPERTIES   1. The value of standard deviation remains the same if, in a series each of the observation is increased or decreased by a constant quantity. In statistical lan

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd