There is no such thing. Different measures are best in different circumstances.
If asked what the "central" colour of a car was, neither the mean nor median can even be calculated. You would not add a red car and a blue car to average at a purple car! On the other hand, you would have to be pretty lucky to find a mode for a continuous variable.
Similarly, one can come up with scenarios where the median or the mean beat the other two measures of central tendency hands down.
why should a executive look at descriptive statistics along with graphical displays of a data set
descriptive statistics-quantitavely describe the main features of a collection of data. Descriptive statistics are distinguished from inferential.Statistics(or inductive statistics),in that descriptive statistics aim to summarize a data set,rather than use the data to learn about the population that the data are thought to represent.
descriptive statistics-quantitavely describe the main features of a collection of data. Descriptive statistics are distinguished from inferential.Statistics(or inductive statistics),in that descriptive statistics aim to summarize a data set,rather than use the data to learn about the population that the data are thought to represent.
Descriptive statistics describe the main features of a collection of data quantitatively. Descriptive statistics are distinguished from inferential statistics (or inductive statistics), in that descriptive statistics aim to summarize a data set quantitatively without employing a probabilistic formulation, rather than use the data to make inferences about the population that the data are thought to represent.
A descriptive statistic describes the characteristics of a known set of data; such as mean, median, mode, range, standard deviation and so forth.
data pattern
Descriptive is when a few represent the whole population. Inferential infer the nature of a lager usually infinite set of data that we don't have.
A data set that describes the colors of cars in a parking lot would be classified as qualitative data. This is because the data is descriptive and categorical in nature, rather than numerical or measured.
The median.
The division of statistics are generally divided into two groups: inferential and descriptive. Inferential statistics require that a conclusion is drawn from data, based almost solely on human inference. Descriptive statistics are numbers that describe a set of data.
Descriptive statistics. Descriptive statistics are used to summarize and present data in an informative way, providing characteristics of the data set such as mean, median, mode, and standard deviation. Inferential statistics, on the other hand, are used to make inferences or predictions about a population based on sample data.
Descriptive statistics label, name, or give information about a variable. Inferential stats are inferred from a smaller data set to be valid for the whole population.