In a long bond paper, research the following terms given, give its formula and provide

a problem applying the formula.

MEAN
The mean is the average or a calculated central value of a set of numbers and is used to
measure the central tendency of the data. Central tendency is the statistical measure that
recognizes the entire set of data or distribution through a single value. It provides an exact
description of the whole data. In statistics, the mean can also be defined as the sum of all
observations to the total number of observations.
⇒ Given a data set, X=x1,x2,...,xnX=x1,x2,...,xn, the mean (or arithmetic mean, or average),
denoted x̄, is the mean of the n values x1,x2,...,xnx1,x2,...,xn.
Mean Symbol: The mean is represented as x-bar, x̄.
Mean Example
Examples of mean in real life are:
Mean of the runs scored by a cricketer in test matches.
Mean price of houses in a particular area calculated by real estate agents.
Mean Formula
The mean formula in statistics for a set is defined as the sum of the observations divided by the
total number of observations. The formula to calculate the mean will be helpful in solving a
majority of the topics related to the mean.
Mean Formula for Ungrouped Data:
The mean formula for a set of given observations can be expressed as,
Mean = (Sum of Observations) ÷ (Total Numbers of Observations)

MEDIAN

Median, in statistics, is the middle value of the given list of data, when arranged in an order.
The arrangement of data or observations can be done either in ascending order or descending
order. 

Example: The median of 2,3,4 is 3.

In Maths, the median is also a type of average, which is used to find the center value.
Therefore, it is also called measure of central tendency. 
Apart from the median, the other two central tendencies are mean and mode. Mean is the ratio
of sum of all observations and total number of observations. Mode is the value in the given
data-set, repeated most of the time.
In geometry, a median is also defined as the center point of a polygon. For example, the median
of a triangle is the line segment joining the vertex of triangle to the center of the opposite sides.
Therefore, a median bisects the sides of triangle.

Median in Statistics
The median of a set of data is the middlemost number or center value in the set. The median is
also the number that is halfway into the set.
To find the median, the data should be arranged, first, in order of least to greatest or greatest
to the least value. A median is a number that is separated by the higher half of a data sample, a
population or a probability distribution, from the lower half. The median is different for
different types of distribution. 

For example, the median of 3, 3, 5, 9, 11 is 5. If there is an even number of observations, then

there is no single middle value; the median is then usually defined to be the mean of the two
middle values: so the median of 3, 5, 7, 9 is (5+7)/2 = 6.
Also, read:

Mean, Median and Mode Formula

Difference Between Mean, Median and Mode
Relation Between Mean, Median and Mode

Median Formula
The formula to calculate the median of the finite number of data set is given here. Median
formula is different for even and odd numbers of observations. Therefore, it is necessary to
recognise first if we have odd number of values or even number of values in a given data set.
The formula to calculate the median of the data set is given as follow.

Odd Number of Observations

If the total number of observation given is odd, then the formula to calculate the median is:
Median = {(n+1)/2}thterm
where n is the number of observations
Even Number of Observations
If the total number of observation is even, then the median formula is:
Median  = [(n/2)th term + {(n/2)+1}th]/2

MODE
A mode is defined as the value that has a higher frequency in a given set of values. It is the
value that appears the most number of times. 
Example: In the given set of data: 2, 4, 5, 5, 6, 7, the mode of the data set is 5 since it has
appeared in the set twice.

Statistics deals with the presentation, collection and analysis of data and information for a
particular purpose. We use tables, graphs, pie charts, bar graphs, pictorial representation, etc.
After the proper organization of the data, it must be further analyzed to infer helpful
information.
For this purpose, frequently in statistics, we tend to represent a set of data by a representative
value that roughly defines the entire data collection. This representative value is known as the
measure of central tendency. By the name itself, it suggests that it is a value around which the
data is centred. These measures of central tendency allow us to create a statistical summary of
the vast, organized data. One such measure of central tendency is the mode of data.

D. RANGE
In statistics, the range is the spread of your data from the lowest to the highest value in the
distribution. It is a commonly used measure of variability.
Along with measures of central tendency, measures of variability give you descriptive
statistics for summarizing your data set.
The range is calculated by subtracting the lowest value from the highest value. While a large
range means high variability, a small range means low variability in a distribution.
Table of contents

Calculate the range

The formula to calculate the range is:

R = range
H = highest value
L = lowest value
The range is the easiest measure of variability to calculate. To find the range, follow these
steps:
Order all values in your data set from low to high.
Subtract the lowest value from the highest value.
This process is the same regardless of whether your values are positive or negative, or whole
numbers or fractions.
 Range example
Your data set is the ages of 8 participants.

Participant 1 2 3 4 5 6 7 8

Age 37 19 31 29 21 26 33 36

II- WHAT IS THE IMPORTANCE OF EVALUATING ANALYTICAL DATA?

When using an analytical method we make three separate evaluations of experimental

error. First, before beginning an analysis we evaluate potential sources of errors to ensure that
they will not adversely effect our results. Second, during the analysis we monitor our
measurements to ensure that errors remain acceptable. Finally, at the end of the analysis we
evaluate the quality of the measurements and results, comparing them to our original design
criteria. This chapter provides an introduction to sources of error, to evaluating errors in
analytical measurements, and to the statistical analysis of data.
In Some companies, the role of data analyst where the Business Analysis and Data
Analysis tasks can be performed by the same person, this person should possess skills required
for Business Analyst or Data Analyst but in big or more specialized companies this job could be
divided in form of two roles which are Data Analyst and Business Analyst.
Data Analysis is a process of inspecting, cleansing, transforming, and modelling data
with the goal of discovering useful information, suggesting conclusions, and supporting
decision-making.
But the business analyst is someone who analyzes an organization or business domain
(real or hypothetical) and documents its business or processes or systems, assessing the
business model or its integration with technology. On the other hand, Data Analysts also needs
similar skills but must have high technical ability as much of the role focuses on complex
databases, statistics, and formulas that need skills to analyze data like SQL, DATA mining, OLAP,
Reports, statistics etc. The main benefits of data analysis are rather self-evident. How can
someone improve their processes and identify problematic issues if they are not willing to look
at the data to make reliable improvements? Data Analysis is a process of inspecting, cleansing,
transforming, and modelling data with the goal of discovering useful information, suggesting
conclusions, and supporting decision-making. Data analytics allow us to make informed
decisions and to stop guessing.
The Main Role of Data Analyst. The skilled Data Analyst that makes proper data analytics adds
the following benefits to his/her organization: