Session Long Project - Essay Example

The mode which is the most frequent number is 1 and 2

Calculation of the standard deviation and the variance is as follows,

Observation (o)

Deviations (o-mean) = D

 D2

5

2.14

4.58

3

.14

.02

2

-.86

.74

4

1.14

1.3

1

-1.86

3.46

0

-2.86

8.18

3

.14

.02

2

-.86

.74

6

3.14

9.86

0

-2.86

8.18

1

-1.86

3.46

2

-.86

.74

1

1.14

1.3

4

.14

.02

3

-.86

.74

2

.14

.02

3

-1.86

3.46

1

-2.86

8.18

1

1.14

1.3

0

-2.86

8.18

4

1.14

1.3

6

3.14

9.86

4

1.14

1.3

5

2.14

4.58

2

-.86

.74

0

-2.86

8.18

8

5.14

26.42

7

4.14

17.14

Total

80

131.43

Variance (V) = D2/28-1

=131.43/27

= 4.87

The standard deviation is,

V1/2 = 4.871/2
= 2.21

The three measures of tendency calculated from the above data confirm that visitors made visits to the place more than twice a day. Their visits are wide varying which is expected since some days have recorded more doorbells than others both in AM and PM. From the analyzed data, the mean is the one that better describes the visits. Mailu, S (2004) argues that the mean is the better predictor of data characteristics since it shows the true picture of the spread, its tendency, and its feel. The standard deviation from the data is a bit surprising since it appears huge compared to the expected number; less than 1. The number of visits made has a mean of 2.86 with a variance of 4.87. The standard deviation is 2.21 confirming the spread of the data.

Case Assignment

Group A
Minimum = 30,
Maximum = 100,
Mean = 79.1

Group B
Minimum = 62,
Maximum = 90,
Mean = 79.1

Both groups have the same mean of 79.1. Based on their mean, no tangible decision can be made about which one to hire from.
Now considering the measures of dispersion for groups A and B,

Group A

Group B

O

D

D2

O

D

D2

98

18.9

357.21

64

-15.1

228.01

85

5.9

34.81

81

1.9

3.61

30

-49.1

2410.81

62

-17.1

292.41

66

-13.1

171.61

88

8.9

79.21

99

19.9

396.01

82

2.9

8.41

95

15.9

252.81

79

-.1

.01

57

-22.1

488.41

90

10.9

118.81

62

-17.1

292.41

81

1.9

3.61

99

19.9

396.01

85

5.9

34.81

100

20.9

436.81

79

-.1

.01

Total

5236.90

768.9

Variance for group A (V1)

V1 = 5236.9/9
= 581.88

Standard deviation (S1)
S1 = 24.12

Variance for group B (V2)
V2 = 768.9/9
= 85.43

Standard deviation (S2)
S2 = 9.24

Group A has wide variations in terms of among the group observations. As Richmond, R (2006) puts it, the number of variations in a group determines how the elements of the group are spread and how the differences amount to. The workers in group A are quite different from each other and it will not be a good idea to hire them due to this. Both groups have the same mean of 79.1 but the workers in group B have almost the same traits as in group A. When it comes to getting the services of a certain group, Group B is most likely due to its homogeneity. Group A has a standard deviation high above the expected of 24.12.

Discussion
In business, the mean is the best measure of central tendency. For example, when you are reporting the sales you made in a day, the mean in the figure to use sine it shows what you have done overall. On the other hand, while dealing in shares, the median is the most important as it shows the price which is the expectation of many. It shows where many people would like or get their shares in. In exports, the mode is the most important since it determines the frequency of doing business as well as the expected profit. Mode is also applicable when one is dealing with the prediction of future business prospects.