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Explaination of mean, median, mode, variance, std deviation

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You are assisting both Production departments in analyzing transportation capacity. Data has been collected on truck capacity (# of bags), truck weight, and truck age (in years) for the entire fleet. You have been asked to provide the major summary statistics for this information and you realize you will need to provide explanation of terminology as well.

? Prepare a 5-6 slide presentation that explains the following:

o the difference between mean, median and mode
o when each is appropriate to use
o the relationship between variance and standard deviation
o why both measures are necessary
o the relationship of these measures to estimation theory.
o Use the Sample Data to illustrate your points
o Create a table on one slide showing the results of the six calculations for each of the three variables

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Explaination of mean, median, mode, variance, std deviation

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