1st Discussion QMB.docx

1st Discussion QMB.docx - The average is defined as the...

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The average is defined as the number that measures the central tendency of a set of numbers. The central tendency is a single value used to describe the center point of a data set. There are different measures of central tendency such as mean, median, mode, and range. The mean is also known as “average” and is the common way measure of central tendency. We can calculate the mean by adding all the values in a data set; after that, we have to divide the result by the number of observations or the values that we have in a data set. There are different advantages by applying or using the mean since it is simple to calculate and summarizes the data with a single value. However, if we decide to use the median, we may lose some information
• Fall '08
• ZANAKIS
• Statistics, Mean, Statistical hypothesis testing

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