Now that we know about data, we continue our journey with 2 fundamental descriptive statistics that help
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Question:
Now that we know about data, we continue our journey with 2 fundamental descriptive statistics that help us understand fundamental components of a data set. In this week's discussion, we are going to explore measures of center, which includes mean (i.e., average), median, and mode. We will also explore measure of variability, which includes standard deviation.
Questions:
- Discuss the concepts of mean, median, mode, and standard deviation. Include when each should be used and evaluate the differences of each. How can knowing this information about data help us?
- Describe 1 example from your own personal or professional experiences using either measures of center (i.e., mean, median, or mode) or standard deviation. Discuss how knowing that information helped you.
Related Book For
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding
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