MGMT 1050 Lecture Notes - Lecture 4: Level Of Measurement, Data Type, Box Plot
14 Mar 2018
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Calculated by placing all observations in order, middle observation is the median. Sample and population medians are computed the same way. Even number of observations, mean of the middle 2 observations is median. The observation(s) that occurs with the greatest frequency. Sample and population modes are computed the same way. For populations and large samples, preferable to report modal class: class with the largest number of observations. Problems: small sample, may not be a good measure, may not be unique. Sum all the observations and divide by the number of observations. See page 99 table for difference in sample and population means. Several factors need to be considered when choosing measures of central location. Mean is generally first choice, but sometimes mean is better. Median sometimes better because it is not sensitive to extreme values like mean. When there is relatively small number of extreme values, median is better. Measures of central location for ordinal and nominal data.
