Question

What are the various measures of central tendency? Why are they called measures of central tendency?

Answer 1

Answer:

A measure of central tendency is a single value that attempts to describe a set of data by identifying the central position within that set of data. As such, measures of central tendency are sometimes called measures of central location. They are also classed as summary statistics.

Explanation:

Answer 2

Answer:

It is the average return, harmonic mean, midrange, and geometric median. The selection of a central tendency measure depends on the properties of a dataset. For instance, the mode is the only central tendency measure for categorical data, while a median works best with ordinal data.

Explanation:

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