mean in Business
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From a business perspective, which measurement is more important the Mode, the Mean, or the Median? Provide examples (business related) that demonstrate the appropriateness of one of these measures and the inappropriateness of the other two in a particular situation.
Can you think of situations where another one of the measures is more appropriate or relevant?
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Solution Summary
This posting uses business context to assert how the measure of central tendency most widely used is undoubtedly the mean.
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(a) In business context, the measure of central tendency most widely used in undoubtedly the Mean. Mean takes all of the data into account and when the high and low side observations have about the same variation, mean is the best measure. This is generally the case in business scenarios, such as when looking at the sales ...
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