Month: February 2022

1. It is simple to calculate. 2. In individual or discrete distribution it can be located by mere inspection. 3. It is easy to understand. Everyone is used to the idea of average size of a garment, an average American Read More …

1. It is rigidly defined. 2. It is easy to calculate and understand. 3. It is not affected by extreme values like the arithmetic mean. For example, 5 persons have their incomes $2000, $2500, $2600, $3000, $5000. The median would Read More …

1. It is rigidly defined. Its value is always definite. 2. It is easy to calculate and easy to understand. Hence it is very popular. 3. It is based on all the observations; so that it becomes a good representative. Read More …

A single value which can be considered as typical or representative of a set of observations and around which the observations can be considered as Centered is called an ’Average’ (or average value) or a Centre of location. Since such Read More …

Primary data is data that you collect yourself using such methods as: direct observation – lets you focus on details of importance to you; lets you see a system in real rather than theoretical use (other faults are unlikely or Read More …

The adequate help of cost and stores accounting by way of providing up to-date, reliable and required data to the materials control department enables it to base it forecasts on the data so supplied. The cost and stores accounting are Read More …