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

Find a nash equilibrium, 2 bidders have identical valuations of an object f...

2 bidders have identical valuations of an object for sale. The value of the object is either 0; 50 or 100, with equal probabilities. The object is allocated to one of the bidders i

LPP, b. A paper mill produces two grades of paper viz., X and Y. Because of...

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

Optimal number of cluster, Try different numbers of clusters in your progra...

Try different numbers of clusters in your program (K=2...15) and build a plot that shows the dependency between number K and value of RSS function on the last iteration. What is th

Weibull distribution, slope parameter of 1.4 and scale parameter of 550.cal...

slope parameter of 1.4 and scale parameter of 550.calculate Reliability, MTTF, Variance, Design life for R of 95%

Evaluate the standard deviation, Use only the rare event rule, and make sub...

Use only the rare event rule, and make subjective estimates to determine whether events are likely. For example, if the claim is that a coin favors heads and sample results consis

MEASURING TREND, DISCUSS THE METHODS OF MEASURING TREND

DISCUSS THE METHODS OF MEASURING TREND

Find out the probability, There are n seats on an airplane and n passengers...

There are n seats on an airplane and n passengers have bought tickets. Unfortunately, the first passenger to enter the plane has lost his ticket and, so he just chooses a seat at r

Calculation for continuous series or grouped data, Calculation for Continuo...

Calculation for Continuous Series or Grouped Data = where, m = mid-point of class   =

Diversity of data for the age, The box plot displays the diversity of data ...

The box plot displays the diversity of data for the age; the data ranges from 19 being the minimum value and 60 being the maximum value. The box plot is positively skewed at 0.57 a

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