Explore BrainMass

Explore BrainMass

    Central Tendency

    Central tendency typically aims to locate the average value in a set of data and can be measured by calculating the mean, median and/or mode. In a basic sense, the mean, median and mode just symbolize different methods of finding the central point of a data set. However, typically the value of the mean and median is restricted to numerical data, whereas the mode can also be useful when considering categorical data.

    Technically, the mode is not strictly considered a measure of central tendency, but rather it provides insight on the behaviour of the data (1). The mode details the value which is most frequently apparent in a data set, whereas, the mean and median provide detail on the average or the central value. Nevertheless, all three measures of central tendency are alike in how they contribute information regarding how values are distributed in a data set.

    Additionally, it is also important to understand when it is most appropriate to use one of the measures of central tendency over another. For example, when a data set has several outliers, which vary greatly from the majority of the data points, it would be more appropriate to use the median over the mean. In this case, the mean would not necessarily be a good indication of the average value because the data would be fairly skewed, whereas, the median would indicate the middle number. Thus, the median would be a better indication of the data's central marker.

    Reference:

    1. http://knowledge.sagepub.com.proxy.queensu.ca/view/socialscience/n544.xml?rskey=MLlS76&row=2

    There is also a quiz called “Measures of Central Tendency” which can be found at the following link: https://brainmass.com/admin/quizzes/take/67/measures-of-central-tendency

    © BrainMass Inc. brainmass.com March 18, 2024, 4:15 pm ad1c9bdddf

    BrainMass Categories within Central Tendency

    Mean

    Solutions: 29

    The mean is analogous to the average value in a data set and is found by dividing the total sum of a data set by the number of values in the set.

    Median

    Solutions: 29

    The median is used when locating the middle value in a numerical data set.

    Mode

    Solutions: 2

    The mode can be used for both categorical and numerical data sets and locates the most frequently used or recorded value in a set of data.

    BrainMass Solutions Available for Instant Download

    Confidence Interval: Bottles of Water

    A bottled water distributor wants to estimate the amount of water contained in 1-gallon bottles purchased from a nationally known water bottling company. The water bottling company's specifications state that the standard deviation of the amount of water is equal to 0.02 gallon. A random sample of 50 bottles is selected, and the

    A city built a new parking garage in a business district

    A city built a new parking garage in a business district. For a random sample of 64 days, daily fees collected averaged $2,000, with a standard deviation of $400. (a) Construct a 90% confidence interval estimate of the mean daily parking fees collected. (Round the lower bound and upper bound of the confidence interval to two

    Descriptive Statistics, Histograms and Missing Data

    You have been hired as the chief operating officer of a multi-hospital health care system. The CEO approaches you in your new role and asks you to do an analysis of factors affecting the total costs of hospitals in your region. In this unit, we will begin our analysis of the data set. Analysis of the dataset is the first step

    Measures of Central Tendency and Dispersion with SPSS

    Measures of Central Tendency and Dispersion with SPSS The statistics for this week become the basis for several other tests you may do. These are the foundational concepts of statistics. To prepare for this Application: - Review Chapter 15 and Appendix E in the course text Research Methods in the Social Sciences. - Review th

    Standardized Z-score

    How does a researcher determine the meaning of a score on a norm-referenced test such as an IQ test? Why are raw scores transformed to standardized scores, such as z-scores, in order to interpret those raw scores? How do these standardized scores help researchers to compare the scores on two different tests with different me

    statistical test for pregnancy data

    The hypothesis is that the more hours a female spends in school the less likley she is to become pregant. 1.Conduct a descriptive data analysis that includes the following: a) a measure of central tendency; b) a measure of dispersion and c) at least one graph. 2.Briefly interpret the descriptive data analysis. 3.Conduc

    Central Tendency and Sports Statistics Similarities

    In baseball, the term "batting average" is used as one way to measure a player's offensive performance. If we were to consider the idea of batting average in a statistical sense, would it be best described as a mean, median or modal measure of central tendency?

    Measuring family wealth when making political decisions

    1) Which measure of family wealth is most important, when making political decisions: the national mean, median, or mode? (example is deciding which topics to emphasize when running an election campaign. Which measure of family wealth is the best measure of the country's overall wealth--mean, median, or mode? 2) Which of the

    Population and Sample Statistics

    For the following questions answer true or false for each 1. The mean for a sample of n=4 scores has a standard error of 5 points. This sample was selected from a population with a standard deviation of ơ=20. 2. The mean for a sample of n=16 scores has an expected value of 50. This sample was selected from a population with a

    Plotting and Trends

    (1) Year 1 2 3 4 5 6 7 8 9 10 11 Demand 7 9 5 9 13 8 12 13 9 11 7 a) Plot the above data on a graph. Do you observe any trend, cycles, or random variations? b) Starting in year 4 and going to year 12, forecast demand using a 3-year moving average. Plot your forecast on the same graph as the original data. c) Startin

    Relative Frequency: Variation in Expected Probabilities

    Conceptually we would expect the probability of newborn males and females to be the same. However, census reports indicate that the ratios of males and females in various countries do not conform to the theoretical prediction. What do you think accounts for this variation? Can you think of other cases where the expected probabil

    Trend analysis of Wal-mart

    Trend Analysis of Walmart Techniques to be used: 50-days, 100-days and 200-days Moving averages, Exponential moving average and Weighted average moving average. Source for data: http://finance.yahoo.com/q/hp?s=WMT+Historical+Prices Main Elements The analysis will be a Statistical Report that will include the solution d

    Predicting Sales at a Sporting Goods Store

    Can demographic information be helpful in predicting sales at a sporting goods stores? The data stored in the fill Sporting (attached) are the monthly sales totals from a random sample of 38 stores in a large chain of nationwide sporting goods stores. All stores in the franchise, and thus within the sample, are approximately the

    Variables in a Data Set: Unleaded Regular Gas Prices

    Select a variable and from a data base and create a data set of at least 20 values. For example, if the database contained information on weather, you might have a data set of the average temperature in Portland for 20 months. Again, the more relevant it is to your area of interest, the better. At first glance, what patte

    Find the value of the desired parameter for each of cases given below.

    1. Determine how much you would be willing to pay for an Annuity Due that has the following characteristics: (a) PMT: $5,500, (b) RATE: 8%, and (c) NPER: 15. 2. What is the current yield on a bond that has the following characteristics: (a) Price: $1,055, (b) Coupon Rate: 5%, (c) YTM: 4.6%, and (d) NPER: 22. 3. What is t

    Calculate the market price of a stock in the given scenario.

    The risk-free rate of return is 3 percent, and the expected return on the market is 8.7 percent. Stock A has a beta coefficient of 1.4, an earnings and dividend growth rate of 5 percent, and a current dividend of $2.60 a share. A) What should be the market price of the stock? B) If the current market price of the stock is $2

    Stocks and expected versus realized returns

    You expect to invest your funds equally in four stocks with the following expected returns: STOCK A 16% STOCK B 14 STOCK C 10 STOCK D 8 At the end of the year, each stock had the following realized returns: STOCK A -6% STOCK B 18 STOCK C 3 STOCK D -22 Compare the portfolio's expected and realized ret

    Investing in Stocks: Expected Returns

    You are considering investing in three stocks with the following expected returns STOCK A 7% STOCK B 12 STOCK C 20 What is the expected return on the portfolio if an equal amount is invested in each stock? What would be the expected return if 50 percent of your funds is invested in stock A and the remaining funds are

    Expected Rate of Return and Constant Growth Model

    Use the CAPM to calculate the Expect Rate of Return = "r" Based on the assumptions that: Risk Free Rate = 3.50% Rf Market Return = 12.00% Rm We found the Beta of AB 217 Corp = 0.85 SO CAPM = Rf + Beta(RM - Rf) r = Question 1

    Production Planning Problem Set

    Problem 1: The Seiko Watch Company has developed its aggregate plan for quartz watches. Each employee can produce about 300 watches per month and earns an average of $1,800 per month. It costs $100 to hire a new employee and $200 to lay one off. Determine total employee related costs of the following aggregate plan if work force

    Autocovariance and autocorrelation of moving average process

    **Please see the attached file for the complete problem description ** Please help me answer the attached exercise on independent random variables. Let {X1} be the moving average process of order 2 given by X1 = Z_t + theta(Z_t-2), Where {Z_t} is WN (0, 1). a) Find the auto covariance and the autocorrelation funct

    Calculate the fair value of given securities.

    1. A person is considering buying the stock of two home health companies that are similar in all respects except the proportion of earnings paid out as dividends. Both companies are expected to earn $6 per share in the coming year, but Company D (for dividends) is expected to pay out the entire amount as dividends, while Company

    How to Calculate the Expected Payoff

    Expected payoff corresponding to various levels of business expansion and economic conditions faced by Ramcast Cable Inc. is given in the table below. The probabilities of the events are also given. What is each expected monetary value (EV) of each alternative below, and the maximum expected monetary value (EV) in the payoff mat

    Bond Interest Rates and Excel Formulas

    Corporate triple A bond interest rates for 12 consecutive months follow. Month Bond Interest 1 9.5 2 9.3 3 9.4 4 9.6 5 9.8 6 9.7 7 9.8 8 10.5 9 9.9 10 9.7 11 9.6 12 9.6 a. Develop three-month and four-month moving averages for this time series. Does the three-mon

    Using a Decision Tree and finding expected value

    Rob Johnson is a product manager at Diamond Chemicals, which is considering whether to launch a new product line that will require it to build a new facility. The technology required to produce the new product is yet untested. If Rob decides to build the new facility and the process is successful, Diamond Chemicals will realize

    Mean, Median, and Mode

    15 people, six women, and nine men were ask why they workout, five women said to lose weight, one women said to lower blood pressure, eight men said to stay in shape, one man said to lower blood pressure, whats the mean, median, and mode?

    Decision Making Models

    Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following payoff table: Decision State of Nature Alternatives S1 S2 S3 S4 D1 909 1117 95