Which measure of central tendency would be most useful in each of the
following instances?
(a) The production manager for a manufacturer of glass jars, who is concerned
about the proper jar size to manufacture, has sample data on jar sizes
ordered by customers. Would the mean, median, or modal jar size be of
most value to the manager?
(b) The sales manager for a quality furniture manufacturer is interested in
selecting the region’s most likely to purchase his firm’s products. Would he
be most interested in the mean or median of family income in prospective
sales areas?
(c) A security analyst is interested in describing the daily market price change of
the common stock of a manufacturing company. Rarely the market price of
the stock changes by more than one point, but occasionally the price will
change by as many as four points in one day. Should the security analyst
describe the daily price change of the stock in terms of mean, median, or
mode of the daily market price change?
Answers
Modal Jar Size , Median Salary range , Mean daily market price change
Step-by-step explanation:
The production manager for a manufacturer of glass jars is concerned
about the proper jar size to manufacture
so need proper size
hence Modal jar size be most value to manager as only those jars will be accepted
The sales manager for a quality furniture manufacturer is interested in
selecting the region’s most likely to purchase his firm’s products
Manager would be interested in Median of Salary as that will tell how many people will fall into salary range he expects
(c) A security analyst is interested in describing the daily market price change of the common stock of a manufacturing company.
daily price change should be in terms of Mean to define overall change in market
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