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Uses
Arithmetic mean is widely used because of the following reasons:
Mean is the simplest average to understand and easy to compute.
It is relatively reliable in the sense that it does not vary too much when repeated samples are taken from one and the same population, at least not as much as some other kind of statistical descriptions.
The mean is typical in the sense that it is the center of gravity balancing the values on either side of it.
There are n seats on an airplane and n passengers have bought tickets. Unfortunately, the first passenger to enter the plane has lost his ticket and, so he just chooses a seat at r
Large Sample Test for Mean A random sample of size n (n > 30) has a sample mean . To test the hypothesis that the population mean μ has a specified value μ 0 let us formu
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Accident proneness A personal psychological issue which affects the individual's probability of suffering the accident. The concept has been studied statistically under the num
You are going to purchase a part from a specialty vendor. Your company needs a C p of at least 1.67 on a critical dimension of the part. The dimensional specification for this p
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it is said that management is equivalent to decision making? do you agree? explain
A study was conducted to determine the amount of heat loss for a certain brand of thermal pane window. Three different windows were randomly subjected to each of three different ou
WHAT YOU MEAN BY UTILITY OF MANAGERIALECONOMICS
The following data on calcium content of wheat are consistent with summary quantities that appeared in the article “Mineral Contents of Cereal Grains as Affected by Storage and Ins
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