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Measures of Central Tendency & Dispersion, Skewness, Kurtosis
What is central tendency and how is it measured?
Central tendency is the tendency of data to cluster around a central or mid value. It is measured by averages.
What are the six requisites of a good measure of central tendency?
Rigidly defined, simple to understand, based on all observations, capable of algebraic treatment, least affected by sampling fluctuations, and not unduly affected by extreme values.
Which type of average is best suited for calculating CAGR and index numbers?
Geometric Mean (GM) is best suited for growth rates, ratios, index numbers, and CAGR.
Which measure of central tendency fails the requisite of 'based on all observations' but best resists outliers?
Median.
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