B.Com 1st Year Statistical Average Short Notes
B.Com 1st Year Statistical Average Short Notes :- In this post You will Find B.com Notes Study material Unit Wise Chapter Wise Topic Wise division of the content. This Post is very useful for all the Student B.A., B.Sc., B.Com., M.A., M.Com.
SHORT ANSWER QUESTIONS
Q.1. What do you mean by measure of central tendency or average?
Ans. Measure of Central Tendency or Average: It is a figure that represents the large number of observations in a concise or single numerical data. It is a representative value around which all the values of variables are concentrated. Measures of central tendency describes the characteristics of the entire mass of data.
An average is a single value that lies in the range of data and is used to represent all the values in the series
A measure of central tendency refers to a typical value around which other figures congregate.
So, an average is a single value that represents a group of values and is of great significance as it depicts the characteristic of the whole group.
Averages have an important place in statistical analysis. So, statistics is also called as science of averages. Measures of central tendency is a typical value of the entire group or data and describe the characteristics of the entire mass of data. It reduces the complexity of data and makes them to compare.
Thus, statistical average facilitate comparative study, represent the whole group and provide brief shape to data. A complex data can be presented in a simple and concise form.
Q.2. Describe the essentials of a good average.
Ans. Essentials of a Good Average: Average is a statistical tool, therefore, it possess some of the following properties:
1 Well Defined: An average should be rigidly defined to give uniform result. If not, it may produce different answers and investigator may lead to different interpretations.
2. Easy to Understand: It should be easy and simple to calculate, so that investigator feels no difficulty in determining it.
3. Based on all Items of the Series: It should be based on all the items of the series otherwise it will not represent the data completely.
4. Capable of Algebraic Treatment: It should be capable of further algebraic treatment, i.e. a good average provides a comfortable ground for mathematical analysis, otherwise its use and applicability will heconfined to hasic needs of the investigator, e.g. to find combined mean of two or more series.
5. Good Representative of the Data: A good average should be a typical representative of the data and is capable of presenting maximum features of the data.
6. Free From the Effect of Extreme Values: A good average should not be affected much by extreme values, otherwise, different samples of same average give different results without much uniformity.
Q.3. Write the merits and demerits of arithmetic mean.
Ans. Merits of Arithmetic Mean: These are as follows:
1. It is simple and easy to calculate. It does not require any arrangement like in median and any grouping like in mode.