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Essay / Research Paper Abstract
This 3 page paper assesses whether or not the mean is the best measure of central tendency. The second part of the paper discusses what will happen to the mean house prices in a poor economy. The bibliography cites 2 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEmeanhp.doc
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Unformatted sample text from the term paper:
case it is necessary to look at what the mean actually shows and if it can be the best measure of central tendency, compared to the other measures of median
and mode which may also be used to depict averages. The mean is a calculation that is flexible and can be used with both continuous and discrete data; it
is calculated by taking the value for all data points and then dividing it by the number of data points to give an average. There are different ways in which
this can be presented (Curwin and Slater, 2003). Where it is the simple mean this is the mean for the entire population; for example if the average cost of houses
for the month of January is being assessed, this will take the results from all of the houses sold in January to calculate the mean. Where there are very large
samples and not all data points are available for the entire population, for example circumstances where surveys are used, the mean calculated will be the sample mean; meaning that the
mean is the average of the sample. Where samples are used they will usually be assumed to be representative of the entire population, however there is the potential for error
in a sample mean (Curwin and Slater, 2003). By looking at the way that this calculated is performed mathematically it is possible to see how there may be
a skewing of results, the mean may be skewed by a few anonymous or unusual results, for example a few very high or very low values (these may be referred
to as outliers). If the population being examined either the entire population or a sample, does not have a normal distribution it is possible that the mean may be skewed
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