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Measure of Central Tendency

In: Business and Management

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What is “Measure Of Central Tendency”?
A particular value that attempt to illustrate a set of data by classifying a central position within the set of data is known as the measure of central tendency. The central tendency is distinguish with its dispersion or in other words the variability. It is important to summarize a set of data with a single value of data when interpreting and analyzing data, as it serves the purpose and give a representative value for the overall data.
The most common measures of central tendency are the arithmetic mean, the median and the mode. A central tendency can be calculated for either a finite set of values or for a theoretical distribution, such as the normal distribution. Occasionally authors use central tendency to denote "the tendency of quantitative data to cluster around some central value." [1][2]
Mean: It is also known as the arithmetic average, mean is the sum of value of all the observation in a set of data divided by the total number of the observations.
Median: when values are arranged in a descending or ascending order, the middle value in the distribution is known as the median.
Mode: It is the most repeated or commonly occurring value in the distribution. [1] Dodge, Y. (2003) The Oxford Dictionary of Statistical Terms, OUP for International Statistical Institute. ISBN 0-19-920613-9 (entry for "central tendency")
[2]Upton, G.; Cook, I. (2008) Oxford Dictionary of Statistics, OUP ISBN 978-0-19-954145-4 (entry for "central tendency")

* Purpose Of Calculating Central Tendency

* It is very useful to calculate the average. * Central position for very large amounts of data can easily be found. * It allows comparison between one set of data to another. * Displaying data is easier, Graphical representations can be given as well. * It also can be useful when there is need to compare one part of…...

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