Mean and Variance-A comparision
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Why is the mean not enough for us to understand our data, why do we need to comprehend variation as well?
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Solution Summary
Solution explains shortfalls of using mean. It discusses how variance can be useful in explaining data in a better way.
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The mean is an excellent way to measure central tendency. It is a single data representing a whole data set. It is familiar to most of the people. Every data has a single mean and it is useful in various statistical procedures like comparing mean from several data sets.
Mean is a reliable but it can be affected by extreme values present in the data. Such values don't represent data and inclusion of such extreme values may give a mean which may not represent central tendency. Suppose, we are given data ...
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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