Median is the middle value in a distribution. It is a positional average. Median divides the data into equal halves, wherein 50 percent of the values lie below the median and 50 percent of the values lie above the median. Before determining the middle value, the observations have to be arranged in an ascending or […]
How to Find the Median (With Formula, Examples, Merits and Demerits)
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How to Find Mode in Statistics (With Examples, Formula, Merits & Demerits)
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Mode is the value that occurs with the greatest number of frequency. For example- if the given set of values are 2, 3, 2, 4, 5, 2, 3, 1, 6 the mode here would be 2 which appears thrice. However, when there are 2 or more values appearing with same frequencies then the mode is […]
Relationship between Mean, Median and Mode | Statistics
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In this article we will discuss about the relationship between mean, median and mode. Distribution of statistical data shows how often the values in the data set occur. A distribution is said to be symmetrical when the values of mean, median and mode are equal. That is, there is equal number of values on both […]
Arithmetic Mean Calculations: Formula, Simple and Weighted Arithmetic Mean
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Arithmetic Mean Calculations: Formula, Simple and Weighted Arithmetic Mean! In this article we will discuss about the calculation of simple and weighted arithmetic mean with the help of formulas. Arithmetic mean is a commonly used average to represent a data. It is obtained by simply adding all the values and dividing them by the number […]
Methods of Studying Variation: 6 Methods (With Formula, Merits & Demerits) | Dispersion
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The following are some of the most important measures of studying variation in the data: 1. Range 2. Quartile deviation 3. Mean deviation 4. Standard deviation 5. Coefficient of variation 6. Lorenz curve Method # 1. Range: Range is the simplest measure of studying dispersion. It is the difference between the largest and smallest value […]
Correlation: Formula, Significance, Types and Measures | Statistics
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In this article we will discuss about:- 1. Meaning and Significance of Correlation 2. Types of Correlation 3. Measures. [with formula] Meaning and Significance of Correlation: It is clear from the concepts of of variables and the difference between dependent and independent variables that variables may be related to each other. For instance, demand and […]