MGMT 1050 Chapter Notes - Chapter 4: Level Of Measurement, Quartile, Statistical Graphics
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Three different measures that are used to describe the centre of a set of data. Mean/average: computed by summing the observations and dividing by the number of observations. Median: the middle observation of the data set: calculated by placing all the observations in order, and then determining which observation data falls in the middle. Mode: the observation/observations that occur with the greatest frequency: for populations and large samples, it is preferred to report the modal class, cons: in a small sample size, the mode is not a very good measure. Median is not as affected by outliers, extreme observations. For ordinal and nominal data, the calculation of the mean is not valid. However, it is generally pointless to compute the mode of the nominal data. Variance and standard deviation are used to measure variability. = [(number of observations)*(sum of x ) - (sum of x) ]/ (number of observations*number of observations-1)
