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Statistics for decision making

May 24, 2022 | Mathematics - Statistics

May 24, 2022 | Mathematics - Statistics

Statistics for decision making

Due Thursday 
Now that we know about data, we continue our journey with two fundamental descriptive statistics that help us understand fundamental things about a data set. In discussion this week, we are going to explore MEASURES of CENTER, which includes our Mean (aka Average), Median and Mode, and MEASURE of VARIABILITY, which includes Standard Deviation.
Respond to the following in a minimum of 175 words:

Discuss the concepts of Mean, Median, Mode, and Standard Deviation, including when each should be used, and evaluate the differences of each. How can knowing this information about data help us? 
Describe an example from your own personal or professional experiences about using either Measures of Center (mean, median, or mode) or standard deviation, and discuss how knowing that information helped you.

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