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When is using the mean as a measure of central tendency useful?
When your data is symmetric and narrowly spread about it.Each measure of central tendency has strengths and weaknesses. The mean takes every piece of numeric data and treats them all as equally weighted. Outliers will have equal weight with any other measure. In the long run, when you want to estimate a value that is least different from all values, use the mean. If you want your estimate to be closest to absolutely correct or to be absolutely correct most often, use the mode, and if you want your estimate to be as likely to be above the true value as below, use the median.
What is the Applications of statistics in banking and finance?
statistics has nothing to do with real banking but it has scope in research and development department as in every r & d sector it uses tables and graphs and measures of central tendency to show the real result or expected one etc.
The main beat in every measure happens right before the barline?
It happens right after the barline, in every measure
Why do you need the mean in maths?
The mean is one of the measures of central tendency. The other standard ones are the median and the mode. They each have their strengths and weaknesses. For the mean, also called the average, the idea of central tendency is this: every number that has gone into calculating the average has the same unweighted effect on the final average. Of course, the numbers that are out at the extremes can seem to have more pull, but you don't actually do anything different with those numbers. They are all treated exactly the same. You add all the data points together, and then divide that sum by the number of data points. So the mean represents equally each of the data points used in its calculation.This is a very important idea in statistics, where you figure out how to use measures of central tendency and other measures to say some surprisingly powerful things about the data you collect.
How do you measure mean length?
You measure a great number of them, keeping records of every measurement, and then you calculate the average of all of the measurements.
