a)

Probability is a mathematical way of counting the number of ways that something can happen. In math,
probability is usually used to describe the likelihood that an event will occur (Gelman, King and
Boscardin, 2014).

The advantage of using probability is that it allows you to make predictions about events that have not yet
occurred.

The disadvantage of using probability is that it doesn't always give you the right answer—it depends on
how many possible outcomes there are and how likely each outcome is.

b)

Index numbers are a way to organize data. In the context of the business world, they're often used to
organize information about products or services, but they can also be used for other purposes. For
example, an index number might be used as a numbering system for all of the books in a library
collection (Vejlupek and Másílko, 2021).

One of the main benefits of using an index number is that it allows you to access information quickly and
easily. For example, if you wanted to find out how many books were currently on loan at your local
library, you could just look up the number in your phone's database and find out how many there are.

Index numbers can also help you keep track of what you've read. If you're interested in reading more
about a particular topic, being able to quickly reference that topic's index number will make it easier for
you to locate anything else written about it later on down the road.

c)

A range of data:

1 69
2 62
3 70
4 60
5 64

1
Mean: The average of a set of data. It is calculated by adding all of the values in the data set and dividing
by the number of values in the set (BECKER and GRAY, 2013). Here, in the above set, the mean is 65.

Median: The middle value when all values are arranged in ascending or descending order. The median is
the value that sits exactly half-way between two other numbers. It is important to note that it is not
necessarily a "middle" value, as it can sometimes be above or below this position depending on how
many values have been recorded (Hermsen, Leverson and Anagnostopoulos, 2021). Here, in this dataset,
the median is 64.

Mode: The most common value in a set of data. It is calculated by taking all values in the set and
arranging them into ascending order, then finding what percentage of those values are contained within
that range (Hermsen, Leverson and Anagnostopoulos, 2021). Here, there are no two data sets. Thus, there
are no mode in the set.

Range: The difference between min and max for each data point – i.e., how far away from min (or max)
it falls on average (Hermsen, Leverson and Anagnostopoulos, 2021). Here, the difference between the
lowest (60) and the highest (70) is, (70-60) = 10.

d)

Mean

2
Median:

Mode:

3
 e)

Data Diagram

A data diagram is a graphical representation of data in a table. It is used to show relationships between
values in the table and the way those values change over time. The most common type of data diagrams is
a bar chart, which shows groups of data on different axes. Other types include pie charts and line graphs
(Rekadwad and Khobragade, 2017).

Bar chart:

Roll Number
1 69
2 62
3 70
4 60
5 64

4
 Percentage
1.2

0.8

0.6

0.4

0.2

0
1 2 3 4 5 6

Pie chart:

Weight Percentage
A 0.25
B 0.2
C 0.3
D 0.15
E 0.1
Total 1

Percentage

A B C D E

5
Reference
BECKER, B. and GRAY, I., 2013. Using Average Historical Data for Risk Premium Estimates:
Arithmetic Mean, Geometric Mean, or Something Else?. Business Valuation Review, 17(14), pp.136-140.

Gelman, A., King, G. and Boscardin, W., 2014. Estimating the Probability of Events That have Never
Occurred: When is Your Vote Decisive?. Journal of the American Statistical Association, 93(461), pp.1-
9.

Hermsen, J., Leverson, G. and Anagnostopoulos, P., 2021. Reply: Using different statistical tools to see
forests and trees. JTCVS Open, 8, p.582.

Rekadwad, B. and Khobragade, C., 2017. Data on graphical representation (CGR and FCGR) of bacterial
and archaeal species from two Soda Lakes. Data in Brief, 12, pp.72-76.

Vejlupek, T. and Másílko, M., 2021. CASE STUDY: “BEING EXPERT EASILY AND
QUICKLY”APPLICATION OF UP-TO-DATE INFORMATIONTECHNOLOGY INTO THE
STANDARD CREATIONPROCESS. Medsoft 2021, 33(1), pp.81-83.