Identify some measures of central tendency and dispersion
Discussion Resources
The following resources will help you complete the discussion and may be useful in completing your second assignment.
Estimations [PDF].
This short reading includes five sample applications of the “big 5” parameters.
Lind, D. A., Marchal, W. G., & Wathen, S. A. (2019). Basic statistics for business and economics (9th ed.). New York, NY: McGraw-Hill.
Chapter 3, “Describing Data: Numerical Measures.”
A discussion of what average means in common conversation leads to instructions for calculating measures of location, otherwise known as the mean, median, and mode.
Thomas, R., & McSharry, P. (2015). Big data revolution: What farmers, doctors, and insurance agents can teach us about patterns in big data.West Sussex, England: Wiley.
Chapter 3, “Revolutionizing Insurance: Why Actuaries Will Become Data Scientists.”
Chapter 4, “Personalizing Retail and Fashion.”
This text provides practical examples of the use of analytics.
Instructions
Using your readings this week, identify some measures of central tendency and dispersion. When might you use a mean versus a mode or median?
Answer preview to identify some measures of central tendency and dispersion
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