Statistics
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Institutional Affiliation
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Instructor
Date
Statistics
87, 81, 75, 75, 75, 70, 62, 62, 62, 62, 62, 56, 56
Calculate the mean, median, and mode for these data
Mean= xf
56+56+62+62+62+62+62+70+75+75+75+81+8713
Mean=88513
Mean=68.0769
Median=62
Mode=62
Prepare a frequency distribution for this data.
Solution;
|
Value |
Frequency |
|
56 |
2 |
|
62 |
5 |
|
70 |
1 |
|
75 |
3 |
|
81 |
1 |
|
87 |
1 |
Calculate the standard deviation for this data.
s=1N-1i=1N(xi-x)2
s2=xi-x2N-1
=56-68.07692+…+87-68.07069213-1
s2=1148.923112=95.7436
s= 95.7436
Standard Deviation=9.7849
How can you as a manager of this coffee kiosk use this information to improve your business?
Managers can use the findings from statistical studies to help guide them through making tough calls under pressure. Based on their interpretation of statistical studies, managers make decisions in auditing, financial analysis, and marketing research, among other fields. The market volatility and, consequently, the risk involved can be measured with the standard deviation. The volatility and variety of prices pose a more significant threat (Kaur, Stoltzfus & Yellapu, 2018). A lower standard deviation indicates a lower risk for an enterprise. On the other hand, more volatility is associated with higher variance and standard deviation values. Although managers can safely assume that prices will be within two standard deviations of the mean 95% of the time, this still represents an extensive range. The more options you have to choose, the more likely you will pick the wrong one.
Reference
Kaur, P., Stoltzfus, J., & Yellapu, V. (2018). Descriptive statistics. International Journal of Academic Medicine, 4(1), 60.