trimmed mean in a data set having very high and very low values the extreme values are discarded from computing the mean(extremes are called as outlier) mean is affected by extreme values whereas the median is not median generally when the values given have a huge deviation from each other median is used(we dont ignore the outliers while taking median)
geometric mean used to find the average rate of growth of a quantity
over time GEOMEAN formula in excel growth factor(GF) = final val/initial val GF>1 increase in growth rate vice versa Mode a data set can have multiple modes but only one mean and median Range max value min value STATS(lect-2) Standard deviation (SD) Average variation from the mean.It is an indication of how closely the data points are clustered about the mean.Greater the SD Data set that has all values the same have 0 SD It is represented as the average distance of the data point form the mean of the data set(always examine the mean and the SD of a data set before coming to any conclusion) STDEV(formula in excel) Variance = square of SD
Coefficient of variation (CV)- No unit
Cv=sd/mean Higher dispersion indicates greater risk Probability a likelihood of an event to occur,laws of probability hold for large values Sample point (SP) - basic outcome of an event Sample space set Types of probability 1 classical approach getting the probability without performing the experiment 2 relative frequency approach probability calculated using the prior results 3 subjective approach probability of an event(P) = no of outcomes where event occurs/total no of outcomes mutually exclusive events Joint Probability P(AB) = P(A) * P(B) Addition rule P(AB) = P(A) + P(B)