Quantitative Reasoning for Business Questions
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When would we use the mean with ordinal data?
Is it not possible to have two point of the same value at the peak of the bell shape curve? If this is the case, then there are two like value at the peak of the curve meaning there is a finite solution. Is this possible?
An outlier is a point that does not fit the trend of other data or stands out from the other data. For example, in the data set 100, 200, 216, 220, 221, and 229, 100 is the outlier because it is far apart from the other values. Outliers can signal anomalies or incorrect data. If you were going to analyze this data what would you do with the value of 100?
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Solution Summary
Quantitative reasoning for business questions are examined in the solution. When would we use the mean with ordinal data is determined.
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So, in the case of ordinal data, there are situations where the mean can retain some value. Suppose we look at horse racing, where an ordinal variable may be the place the horse in question comes in for each race. It may be interesting to examine the mean place that the horse has entered.
A bell distribution ...
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