MGMT 1050 Chapter Notes - Chapter 4: Average Absolute Deviation, Weighted Arithmetic Mean, Level Of Measurement
Document Summary
6 measures of central location: arithmetic mean, trimmed mean, median, mode, geometric mean, weighted mean. 5 measures of variability: range, mean absolute, deviation, variance, standard deviation. All data points in a population are represented with a capital n. Data points in a sample are represented with a lowercase n. Parameters are denoted with greek letters and statistics are denoted with roman letters or a. Arithmetic mean: also known as mean or average. Can only be calculated for interval data and ratio data. Cancelling effect doesn"t always happen though, which can be problematic. Trimmed mean: ignores a certain percentage of the largest and smallest value. Can only be found for quantitative data. Calculated by placing all the observations in order (ascending or descending) Can be found for quantitative data but also for ordinal data. Can not be found for nominal data. The observation that occurs with the greatest frequency.
