Characteristics of good average, Operation Research

Characteristics  of Good Average

a.It should  be Rigidly  Defined  An average should  be rigidly defined so that  there is  no confusion  in regard  to its  meaning  and connotation. If  it is not well defined it may be influenced by  the  prejudice  and personal bias of the investigator making its value  unstable and  render it unrepresentative of  the distribution.

b.Its Definition Should  be in the Form of a Mathematical Formula With  mathematical  formulation  different persons  may not interpret it differently and anybody computing the  average  from  a set of data will arrive at the  same figure i, e, it should  not depend  upon the  whim  or  caprice  of the person  computing it.

c.It Should  be Easy to Calculate and Simple  to Follow An average  should  be simple  in comprehension  so that it  can he calculated with  reasonable  case and  rapidity else its use will  be  very  limited.

d.It Should  be Based  on all Observation in  the Series An average will be truly representative  of the  whole  mass of data if it is computed from  all the observations.

e It Should  not be Affected Much  by a Few  Extreme Values A few very  small  or very large  observations should  not unduly affect  the value  of a good average.

f. It Should be Capable of Further Algebraic Treatment An average  should lend itself readily to  further algebraic treatment. For example  if average of two  or more  sets   of data  are  known  it  should be  possible  to obtain  the average of combined group.

g.It Should  be Capable of Being  Used  in Further Statistical Computation or Processing's An average  should  posses  this  quality e, g,  arithmetic  mean is  suitable for  calculating standard  deviation  else it will not be  of great  use in  further statistical   analysis and its utility will be limited.

It Should  possess Sampling  Stability An average  should  be least affected by sampling. By  this  we mean  that if  we take  independent  random  samples  of the same  size from  a given  population and  compute  the average   each  of these samples in an ideal average, the  values  so obtained  from different  samples should  not vary  much  from  one  another


Posted Date: 2/27/2013 3:03:22 AM | Location : United States

Related Discussions:- Characteristics of good average, Assignment Help, Ask Question on Characteristics of good average, Get Answer, Expert's Help, Characteristics of good average Discussions

Write discussion on Characteristics of good average
Your posts are moderated
Related Questions
DECILES The nine points  on the scale of observations  ( or  values of the variable) which divide the total  frequency into ten  equal parts  are called deciles for the data

In the judgement phase due care must be given to define correctly the frame of references of the operation. Objectives and values, whether economic social or aesthetic shoul

A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i

Ask questiAvatars are virtual characters that can be used as representatives of a company that is using the Internet as a distribution channel. For instance, avatars can be used as

What is meant by a mathematical model of a real situation? Discuss the importance of models in the solution of Operations research problems

Properties of Normal Distribution a.It is a continuous  probability  distribution having  parameters m and . b.The normal  curve is perfectly symmetrical about  the mean (

Festinger and Katz have described followings six steps in the conduct to a field study. a. Preliminary Planning :Deciding scope and objectives of study and the time table

Question : Suppose that you want to invest $10000 in the stock market by buying shares in one of two companies: A and B. Shares in Company A are risky but could yield a 50% ret