DSC325-REVIEW[3] - STATISTICS FOR MGMT DECISIONS DSC 325...

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STATISTICS FOR MGMT DECISIONS DSC 325 – REVIEW PART 3 MEASURURES OF DISPERSION Measures of central tendency enable us to get a feel of the similarity of the observations in a data set. It is also important to obtain a measure of how dissimilar the observations are in a given data set. Measures of dispersion or measures of variability help us to get the picture of how dispersed or how dissimilar observations are in a given data set. (1) RANGE Range is the simplest measure of dispersion. To compute the range we just subtract the smallest data value in the data set from the largest value. RANGE = Xlargest - Xsmallest As you may guess, just like the mean, the range is bound to be unduly influenced by extreme values in the data set. This is the shortcoming of the rage. Of course the advantage of using the range as a measure of dispersion is that it is simple to calculate and most people understand the meaning of the word – range.
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