Geometric Mean

 

Geometric mean is the measure of central tendency which is calculated by using the product of the set of numbers. Technically it is "the nth root product of n numbers", where n is the number of values.

·        Formula:




Comments

Post a Comment

Popular posts from this blog

Key Concept of Statistics - Types of data

Image
  ·          Types of data: Data can be broadly classified into two main types: qualitative data and quantitative data. These types of data have distinct characteristics and are analysed using different methods and tools. Qualitative Data: Qualitative data is information that cannot be counted, measured or easily expressed using numbers. It is collected from text, audio and images to describe the qualities or characteristics of a source. For example: colors, names, cities etc. It is majorly used in content analysis, or narrative analysis. Quantitative Data: Quantitative data consists of numeric information that can be measured and counted. For example: age, height, speed etc. It is used majorly in statistical analysis. There are other types of data which includes Categorical data, binary data, time series data and spatial data. Understanding the type of data is crucial for choosing appropriate analysis methods and drawing meaningful conclusions from research or observations.
Read more

Introduction to Statistics

Image
  Lesson 1: What is Statistics? ·         Introduction to the field of statistics: Statistics is a branch of mathematics that deals with the collection , analysis , interpretation , presentation , and organization of data. It provides a framework for making inferences and drawing conclusions from data, helping to understand patterns, relationships, and trends in various phenomena. It plays a crucial role in various fields, including science, business, economics, social sciences, medicine, and more. The field of statistics is fundamental to scientific research, decision-making in business and industry, government policy formulation, and numerous other areas where data-driven insights are crucial.   History : The history of statistics dates back to ancient times, with the earliest forms of data collection and analysis emerging in various civilizations. The earliest known use of statistical methods can be traced back to ancient civilizations such as Babylon, Egypt, and China.
Read more

Median example (Ungrouped data)

Image
  Find the median of the following data for marks in Statistics (out of 100). {99, 34, 45, 72, 98, 40, 62, 21} Step 1: Order the values from low to high 21, 34, 40, 45, 62, 72, 98, 99 Here, n (total number of observations) is 8, which is even, so we will use the formula given below: Thus, median marks in Statistics are 53.5.
Read more