MBA 501 Discussion 8

MBA 501 Discussion 8


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The average is also referred to as the arithmetic mean or simply the mean. The mean is a measure of the center of the data. Average and mean are used interchangeably to label the result of the sum of all measurements divided by the number of measurements. If the value given represents the mean of all values in a population it is denoted. When the data are from a sample, the calculated value, in this case the mean, is referred to as a statistic.

Example: Compute the mean of the list of numbers: 1, 5, 7, 10, 12. You add the total of the values and divide by the amount of numbers. In this case, 1 5 7 10 12 35. Then divide 35 by 5. You get the mean 5.

The median of a data set is the measure of center that is the middle value when the original data values are arranged in order of...

MBA 501
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MBA 501 Discussion 8

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