Statistical Summaries-ECO6416

# Statistical Summaries-ECO6416 - Statistical Summaries...

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Statistical Summaries Representative of a Sample: Measures of Central Tendency Summaries How do you describe the “average" or “typical" piece of information in a set of data? Different procedures are used to summarize the most representative information depending of the type of question asked and the nature of the data being summarized. Measures of location give information about the location of the central tendency within a group of numbers. The measures of location presented in this unit for ungrouped (raw) data are the mean, the median, and the mode. Mean: The arithmetic mean (or the average, simple mean) is computed by summing all numbers in an array of numbers (x i ) and then dividing by the number of observations (n) in the array. Mean = = Σ X i /n, the sum is over all i's. The mean uses all of the observations, and each observation affects the mean. Even though the mean is sensitive to extreme values; i.e., extremely large or small data can cause the mean to be pulled toward the extreme data; it is still the most widely used measure of location. This

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## This note was uploaded on 10/03/2011 for the course ECO 6416 taught by Professor Staff during the Spring '08 term at University of Central Florida.

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Statistical Summaries-ECO6416 - Statistical Summaries...

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