easures of central tendency
It depends on what measures you are comparing between!
The mean and median are two measures of central tendency. In introductory statistics many schools include the mode as another example of central tendency but the mode could well be at the end of a distribution.
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.
One of the measures of central tendency IS the average, also known as mean. You can't calculate the average from other measures of central tendency.
easures of central tendency
Yes.
It depends on what measures you are comparing between!
mean
They are the mean, median and mode.
The mean and median are two measures of central tendency. In introductory statistics many schools include the mode as another example of central tendency but the mode could well be at the end of a distribution.
They are both called "measures of central tendencies" because they show something about a group of numbers and what value they are 'centered' around.
You calculate summary statistics: measures of the central tendency and dispersion (spread). The precise statistics would depend on the nature of the data set.
They can do.
Because it measures the averages of a collection of data
Central tendency is important in statistics. It allows individuals to find a representative value, to condense data, and to make comparisons.
When you use statistics to reduce a population to a few characteristic numbers, you are simplifying the data by summarizing it into key measures like mean, median, and standard deviation. While you may lose some degree of detail and complexity in the process, you gain a clearer understanding of the population's central tendencies and variability, making it easier to draw insights and make informed decisions from the data.