Introduction to data management statistics:
Statistics is the science of making effective use of numerical data relating to groups of individuals or experiments. It deals with all aspects of this, including not only the collection, analysis and interpretation of such data, but also the planning of the collection of data, in terms of the design of surveys and experiments. Data management statistics improve the quality of data with the design of experiments and survey sampling. Statistics also provides tools for prediction and forecasting using data and statistical models. Data management statistics is applicable to a wide variety of academic disciplines, including natural and social sciences, government, and business. (Source: Wikipedia)
Statistics are the collection of data used for the analysis and the explanation of the equal sharing of the data. Statistics mainly deals with the average calculation (i.e.,) the calculation of the mean, median, mode, range, standard deviation and the variance.
Some of the basic formulas used in the data management statistics are,
Formula to calculate mean (or) average:
Mean = Total of ‘n’ number of the terms
Number of terms
Formula to calculate the median:
Median = Lowest + highest
Formula to calculate the Range:
Range = Higher value – Lower value
The maximum appearance of a number in the set of data is called the mode of the data.
An industry management exports cottons yearly once. It gains a profit of 5% each year. The profit achieved by the company for the past ten years are given below.
Year Value in thousands
Calculate the Mean, Median, Range and Mode of the data.
= 55 + 35 + 55 + 96 + 65 + 89 + 56 + 75 + 48 + 96
= 670 / 10
2. To find the Median:
= 121 / 2
3. To find the Range:
= 96 – 35
4. To find the Mode:
= 96 and 55 (occurring twice).