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Mean median mode, Standard deviation

Please explain the following:

The difference between mean, median and mode,
When each is appropriate to use,
The relationship between variance and standard deviation,
Why both measures are necessary,
The relationship of these measures to estimation theory.

Use the Sample Data to illustrate your points (ATTACHED).

Create a table on one slide showing the results of the six calculations for each of the three variables.


Solution Preview

Please see the attached file.

Illustrations are done in Excel Sheet.

Some information about scale of measurements are also included for better understanding of central tendency


The term central tendency refers to the "middle" value or perhaps a typical value of the data, and is measured using the mean, median, or mode. Each of these measures is calculated differently, and the one that is best to use depends upon the situation.

The mean is the most commonly-used measure of central tendency. When we talk about an "average", we usually are referring to the mean. The mean is simply the sum of the values divided by the total number of items in the set. The result is referred to as the arithmetic mean. Sometimes it is useful to give more weighting to certain data points, in ...

Solution Summary

Calculation of mean, median, mode and standard deviation.