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MBF3C: Mathematics of Personal Finance Day 4: Mean, Median & Moderate: ___ Unit 3: StatisticsMEASURES OF CENTRAL TENDENCY MEAN, MEDIAN & MODE Scenario: Two car salesmen are competing for a midyear
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01
Collect the data set that you want to analyze.
02
Determine whether you are looking for the mean, median, or mode.
03
Calculate the mean by adding up all the numbers in the data set and then dividing by the total number of values.
04
Calculate the median by arranging the numbers in order from smallest to largest and finding the middle number.
05
Calculate the mode by identifying the number that appears most frequently in the data set.
06
Interpret the results in the context of your analysis.

Who needs measures of central tendency?

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Researchers conducting statistical analysis.
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Business analysts trying to understand patterns in data.
03
Students studying data analysis or mathematics.
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Policy makers looking to make informed decisions based on data trends.
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Measures of central tendency are statistical measures that indicate where the center of the data is located.
Anyone working with data or conducting statistical analysis may be required to calculate and report measures of central tendency.
Measures of central tendency can be calculated using different statistical formulas, such as mean, median, and mode. These values are then reported accordingly.
The purpose of measures of central tendency is to summarize and describe the data in a meaningful and easily understandable way.
The calculated values of mean, median, and mode must be reported on measures of central tendency, along with any relevant context or interpretation.
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