Economics

Measures of Central Tendency

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Part B    INDIAN ECONOMIC DEVELOPMENT

  • Central Tendency refers to a central value or a representative value of a statistical series. 
    Measures of central tendency refers to those methods of statistical analysis by which average of a statistical series are worked out
    2018-02-13 14:05:29
  • Essentials of a Good Average are (i) Simple to Calculate; (ii) Easy to Understand; (iii) Rigidly Defined; (iv) Based on Observations; (v) Least Affected by Extreme Values; (vi) Capable of Future Algebraic Treatment
    2018-02-13 14:04:04
  • According to H. Secrist, "The Arithmetic mean is the amount secured by dividing the sum of value of the items in a series by their numbers
    2018-02-13 14:03:02
  • Merits of Arithmetic Mean are (a) Simple; (b) Certain; (c) Based on all items; (d) Algebric treatment; (e) Stable; (f) Basis of comparison; (g) Accurate 
    Demerits of Arithmetic Mean are (a) Effect of extreme value; (b) Mean value may not fig-js in the series at all; (c) Laughable conclusion; (d) Unsuitable
    2018-02-13 14:02:36
  • Median is defined as the middle value of the series, when the data is arrange in ascending or descending order
    2018-02-13 14:01:03
  • Merits of Median are (a) Easy to Calculate; (b) Well defined; (c) Proper Average for Qualitative Data; (d) Not affected by Extreme Value.
    Demerits of Median are (a) Data needed to be arranged; (b) Not based on all observations; (c) Cannot be given further algebraic treatment; (d) Affected by fluctuations of sampling
    2018-02-13 14:00:33
  • Mode It is the value of variable which occurs most frequently in a distribution. Merits are (a) Simple; (b) Compared to Mean; (c) Graphically Located; (d) Best representative value of the series
    2018-02-13 13:59:22
  • Merits of Mode are (a) Simple and Popular; (b) Compared to mean, mode is less affected by marginal value in the series; (c) Can be located graphically; (d) Best representative value of the series. 
    Demerits of Mode are (a) Uncertain; (b) Not capable of algebraic treatment; (c) Complex procedure and grouping; (d) Difficult
    2018-02-13 13:56:44

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