Describe the data 1 Is it qualitative or quantitative 2 What

Describe the data: 1. Is it qualitative or quantitative? 2. What is the level of measurement: nominal, ordinal, interval, or ratio? 3. What is the most appropriate measure of central tendency? 4. What is the most appropriate measure of dispersion? 5. What type of chart is most appropriate to represent your data?

Solution

3.

There are following measures of central tendency:

It depends upon the data that defines the most accurate measurement technique of the central tendency. For example, in cases of qualitative decision making, mode is most beneficial. In quantitative data analysis, mean and median are more useful. In mean also, harmonic mean is better than geometric mean and geometric mean is better than arithmetic mean. Thus, most appropriate measure of central tendency depends upon the type and size of data.

4.

There are following measures of dispersion:

Though, dispersion measurement also depends upon the data but most accurate measurement is done by standard deviation or variance.

Variance = (Standard Deviation) ²

5.

Suitability of chart is dependent upon the data. Different types of charts are as follows:

For trend line data, scatter plot is used. For cumulative data series, O-give chart/curve is used. For, sales representation, bar chart is used. For percentage wise distribution of the population data, pie chart is used. To represent long term data of macroeconomic indicators, line chart is used.

1.

Data is not given.

2.

Data is not given.