Basic measure of central tendency
Mean, median, and mode are basic measure of central tendency (Location).
a. Share examples of business scenarios in which using each of the three would be the best way to answer a business question or solve a business problem.
b. What characteristics of a situation, problem, or question make it best answered by calculating the mean of a set of values? The median? The mode?
c. Explain the difference between a population mean and a sample mean? Are the calculation methods different?
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