MMW LESSON 7
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9 Terms
THE ARITHMETIC MEAN
IT IS THE MOST COMMONLY USED MEASURE OF CENTRAL TENDENCY. IS OFTEN REFERRED TO AS SIMPLY THE MEAN.
THE MEDIAN
IT IS THE MIDDLE NUMBER OR THE MEAN OF THE TWO MIDDLE NUMBERS IN A LIST OF NUMBERS THAT HAVE BEEN ARRANGED IN NUMERICAL ORDER FROM SMALLEST TO LARGEST OR LARGEST TO SMALLEST.
THE MODE
IS THE NUMBER THAT OCCURS MOST FREQUENTLY.
THE WEIGHTED MEAN
IS OFTEN USED WHEN SOME DATA VALUES ARE MORE IMPORTANT THAN OTHERS.
MEASURES OF DISPERSION
QUANTITIES THAT DESCRIBE THE SPREAD OR VARIABILITY OF THE OBSERVATIONS IN A GIVEN DATA SET.
RANGE
THE DIFFERENCE BETWEEN THE MAXIMUM AND MINIMUM VALYES IN A DATA SET.
VARIANCE
THE AVERAGE SQUARED DIFFERENCE OF THE OBSERVATIONS FROM THE MEAN.
STANDARD DEVIATION
THE AVERAGE DEVIATION OF THE OBSERVATIONS FROM THE MEAN. THE POSITIVE SQUARE ROOT OF THE VARIANCE. THE UNIT OF MEASURE IS THE SAME AS THAT OF THE OBSERVATIONS.
COEFFICIENT OF VARIATION
A RELATIVE MEASURE THAT INDICATES THE MAGNITUDE OF VARIATION RELATIVE TO THE MAGNITUDE OF THE MEAN EXPRESSED IN PERCENT.