Phase 1 - Concepts and terminology of statistics applied to business Essay - 2

word form 1 - Concepts and terminology of statistics employ to business decision-making 4-20 - Essay ExampleMean-the arithmetic mean (mean) of a ap specify of heels is the sum of all the members of the list divided by the pattern of items in the list. A genuine example of Arithmetic mean is average income. The arithmetic mean may be misinterpreted to imply that close to peoples income is higher than the case in fact is. In statistics, mean has two related meaningsMEDIAN-The median is the number which is in the exactmiddle of the data set. Literally, it is the value in the middle. The statistical median is the middle number of a group of numbers that have been arranged in order by size. If there is an regular(a) number of terms, the median is the mean of the two middle numbersIf there is an even number of terms, score the two middle terms and divide by 2. (Statistical Median). Mode means the number that appears the most often, if working(a) with only one variable. In statisti cs, mode means the most frequent value assumed by a random variable, or occurring in a sampling of a random variable. The term is applied both to probability distributions and to collections ofexperimental data.Range- It means the difference between the highest and the lowest value. The range is the continuance of the smallest interval which contains all the data. It is calculated by subtracting the smallest observations from the greatest and provides an indication ofstatistical dispersion. The mid range point is the half way between two variables. .Variance - In probability and statistics , the variance of a random variable, is a probability distribution , a measure of its statistical dispersion , indicating how its possible values are scattering around the expected value . Where the expected value shows the location of the distribution, the variance indicates the scale of the values. A more(prenominal) understandable measure is the square root of the variance, called the Standa rd deviation... For a population, range is more than twice the type deviation. Variance