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Statistics Math

Statistics plays a crucial role in decision-making across various sectors, including marketing, finance, and healthcare, and is essential for research and data analysis. The document discusses the applications of mean, median, and mode, highlighting their importance in experiments, performance benchmarks, and analyzing skewed data. Overall, these statistical measures are vital tools for deriving insights and making informed decisions.

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2 views

Statistics Math

Statistics plays a crucial role in decision-making across various sectors, including marketing, finance, and healthcare, and is essential for research and data analysis. The document discusses the applications of mean, median, and mode, highlighting their importance in experiments, performance benchmarks, and analyzing skewed data. Overall, these statistical measures are vital tools for deriving insights and making informed decisions.

Uploaded by

sahanask728
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Application of Statistics

Statistics is indispensable for decision-making in various sectors and verticals. It is applied in


marketing, e-commerce, banking, finance, human resource, production, and information
technology. In addition, this mathematical discipline has been a prominent part of research and
is widely used in data mining, medicine, aerospace, robotics, psychology, and machine learning.

Not to forget the economics

, government, and public sectors where statistical data is a significant part of decision-making.
For example, it is used for public surveys, weather forecasts, sports scoring, and budgeting

Applications of Mean

Its use is integral in experiments, statistics, and data analysis. For example, it is used in statistical
testing, academic studies, geographical studies, and agricultural experiments.

Traders and investors derive meaningful information by calculating average returns based on
proper context, forming an important input to investment decisions.

It is used in the calculation of dispersion and skewness.

It can be applied to complete a simple time-series data if any one of the data points is missing.

Examples of its application include a quasi-arithmetic mean-based filter for topology


optimization and AM filter used for noise reduction.

Uses Of Median (Applications Of Median)

There are lots of ways to put the concept of median to use, including:

Analyzing companies (comparing two companies or comparing a company to the overall


market).

Performance benchmarks (comparing employees in the same role, over a given time period)

Tracking a population over time (or comparing two populations)

Researching effectiveness of a treatment (median time to recovery, median improvement in key


metrics)

Human resources (when looking at salaries or total compensation)

mode
It is the best measure of central tendency for highly skewed data since it is not affected by
extreme values.

The mode is easy to locate graphically unlike the other measures of central tendency.

It is used to describe quantitative data.

A data set can have no mode if there are no repeating values.

If one value repeats, then there will be one mode.

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