Central Tendency Flashcards
Concentration of values about the middle aka average
Central tendency
What is the primary objective of statistical analysis
And for characteristics of a group of data (population) by analyzing the characteristics of a smaller group (sample) data
“from the part we infer about the whole”
The entire collection of measurements, this is what one wants to draw conclusions on
Population
What is an absolute must in statistical procedure
Random and unbiased
Population parameters
Greek (mu) rare use sample inference
Sample parameters
Latin
Most widely used measure of central tendency
Arithmetic mean
How do you calculate the arithmetic mean for a population
μ = Σ Xi / N
How do you calculate the arithmetic mean for a sample
Xbar = Σ Xi / n
When would you calculate the weighted mean
Calculate GPA
Symbol Xi
Raw value
How do you calculate the weighted mean?
Xbar = Σ w(i)Xi / Σ w(i)
Examples of geometric mean
Rate of growth
Rate of return
Scale
Examples of harmonic mean
Rates of speed
What is the size range of arithmetic geometric and harmonic mean
Arithmetic largest
Geometric
Harmonic smallest
