Median is the middle value in a distribution. It is a positional average. Median divides the data into equal halves, wherein 50 percent of the values lie below the median and 50 percent of the values lie above the median. Before determining the middle value, the observations have to be arranged in an ascending or […]
How to Calculate Median? (With Formula, Examples, Merits and Demerits)
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Methods of Studying Variation: 6 Methods (With Formula, Merits & Demerits)
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The following are some of the most important measures of studying variation in the data: 1. Range 2. Quartile deviation 3. Mean deviation 4. Standard deviation 5. Coefficient of variation 6. Lorenz curve Method # 1. Range: Range is the simplest measure of studying dispersion. It is the difference between the largest and smallest value […]
Correlation: Significance, Types and Measures | Statistics
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In this article we will discuss about:- 1. Meaning and Significance of Correlation 2. Types of Correlation 3. Measures. Meaning and Significance of Correlation: It is clear from the concepts of of variables and the difference between dependent and independent variables that variables may be related to each other. For instance, demand and supply are […]