Research Essay Example | Topics and Well Written Essays - 250 words

Research - Essay Example Therefore the count of blue shirts sold against other colors would be annualized and average taken with the same equation for all other variables.. Median divides the sets of data in half and places half above the median and half below the median while mode pertains to the score that occurs more frequently in a set of data. In each case an entire set of data can be summarized with a single value. There are also three main formulas for the measure of variability and they are Range, Variance and Standard Deviation. Through these measures we can tell how much the data in each set varies. Range measures the distance between the highest and lowest values and gives us an idea of the width of our data set. This is popular although it does not show were the data is grouped in the set. The total amount of variability is taken into account with Variance. To assess the difference in data sets a point needs to be found to which each observation can be compared. As mean takes in every observation in its calculation it would be the best point of comparison. Standard Deviation calculates the square root of a variance. It gives a good measure of variance and shows the average distance each observation is from the