3. Once the data collection phase is over, you will analyse the data and proceed to draw your inferences. Before commencing analysis, you are required to comment on the nature of the variables and their distribution. In analysing the data you remember having learnt the measures of central tendency including dispersion. Which of these measures do you propose to use and why? On receiving the project, you spoke to a senior of yours who was working with another reality company. Your senior shared with you that in a similar project for the city of Coimbatore the following relation were observed; he however could not remember the name of the specific variables. P = 5700 +0.5 X + 0.72 Y + 0.08 Z + 0.0625Q + e In case if you obtain a similar relationship, how will you decide on the statistical significance of variables and the significance of the overall relationship?
Answers
Answer:
A measure of central tendency is a summary statistic that represents the center point or typical value of a dataset. These measures indicate where most values in a distribution fall and are also referred to as the central location of a distribution. You can think of it as the tendency of data to cluster around a middle value. In statistics, the three most common measures of central tendency are the mean, median, and mode. Each of these measures calculates the location of the central point using a different method.
Choosing the best measure of central tendency depends on the type of data you have. In this post, I explore these measures of central tendency, show you how to calculate them, and how to determine which one is best for your data.