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Statistics

In: Business and Management

Submitted By hashmi
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Pages 11
Chapter – 3
Measures of Location, Dispersion & Shape Teaching notes:

The most important objective of a statistical analysis is to calculate a single value that represents the characteristics of the entire available raw data. This single value representing the entire data is called the ‘central value’ or an ‘average’. This value is the point around which all the other value of the data clusters. Therefore it is known as measure of location and since this value is located at a central point nearest to other values of the data it is also known as measure of central tendency. This chapter discusses various measures of central tendency like mean, median and mode and their use in day to day management activities. For example, the mean sales of a territory give a rough idea to the sales manager about the performance of the sales personnel in that territory.

Objectives of averaging:

The major objective of averaging is to arrive at a single value that is representative of the entire data. Some of the objectives of averaging are as follows

|1. To find out one value that represents the whole mass of data |
|The objective of averaging is to represent a set of individual values in a concise way, so that the researcher can have an |
|instant idea about the size of each entity in the group. Averages help the researcher or manager to grasp the characteristics |
|of the data group without studying every value in the group. For example, a manager need not look at ages of every trainee of a|
|fresh batch if the average age is calculated by dividing the total age of all the trainees by number of trainees. This average |
|is a value that enables the manager to have a overall idea about the characteristics of the huge volumes of data. |
|2. To enable comparison…...

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