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Numerical Measures

Discussion Resources

The following resources will help you complete the discussion and may be useful in completing your second assignment.

• Estimations [PDF].
  • This short reading includes five sample applications of the “big 5” parameters.
• Lind, D. A., Marchal, W. G., & Wathen, S. A. (2022). Basic statistics in business and economics (10th ed.). McGraw-Hill.
  • Chapter 3, “Describing Data: Numerical Measures.”
    • A discussion of what average means in common conversation leads to instructions for calculating measures of location, otherwise known as the mean, median, and mode.
• Thomas, R., & McSharry, P. (2015). Big data revolution: What farmers, doctors, and insurance agents can teach us about patterns in big data. Wiley.
  • Chapter 3, “Revolutionizing Insurance: Why Actuaries Will Become Data Scientists.”
  • Chapter 4, “Personalizing Retail and Fashion.”
    • This text provides practical examples of the use of analytics.

Instructions

Using your readings this week, identify some measures of central tendency and dispersion. When might you use a mean versus a mode or median?