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Questions tagged [central-tendency]

In statistics, a central tendency (or measure of central tendency) is a central or typical value for a probability distribution. It may also be called a center or location of the distribution. Colloquially, measures of central tendency are often called averages.The tendency for the values of a random variable to cluster round its mean, mode, or median.

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should I use the mean or weighted mean in this example?

An investor calculated the percentages of each of three stock investments with payoffs as shown. Find the average payoff for the three stock investments. what should I use in this case to calculate ...
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Measure of dispersion around the mode [closed]

I usually associate the standard deviation with the mean and the IQR with the median. Is there a measure of dispersion typically associated with the mode?
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Why do we find central tendencies tendencies for grouped frequency data?

When data is grouped, it does not give the exact values of the frequencies of the observations. Then how do we calculate the Central Tendencies of the data? Our school text books give us some formulas....
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How do I find the expected return on a ticket?

A lottery has a grand prize of 400,000 dollars, five runner up prizes of 50,000 dollars each, nine third-place prizes of 10000 dollars each, and twenty-five consolation prizes of 1000 dollars each. If ...
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Why use mean when you can use median?

I know that if I calculate the median, I am going to get a number that represents central tendency even if there are outliers that would cause the distribution to be skewed right or left. According to ...
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Does central tendency (Geometric Mean specifically) always lie in between the two numbers or can it lie outside the interval of the two numbers?

Does central tendency necessarily have to lie between the two numbers?For eg. I understand $2,4,8$ are in GP with $4$ being the GM of $2,4,8$. But what about $2,-4,8$ if we consider common ratio to ...