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Gross National Income of different countries - Statistics Project Example

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Summary
The report comprises of two parts. The first part consists of a statistical analysis of Gross National Income of 173 countries of the world. The main theme is to comment on the data through selection of appropriate measure of central tendency. The paper includes the statistics of visitors to the UK and its revenue…
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Gross National Income of different countries
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Download file to see previous pages Data was collected by the World Bank Organisation about the Gross National Income, expressed in purchasing power parity dollars to adjust for price level differences across countries. The data is not adjusted for inflation. There are values for each year from 2001 -2009 for each country. The numbers are measured in millions of dollars. Analysis is conducted taking the 2008 values only.
The data has been acquired from the World Bank Organisation. The analysis is conducted on the data for the year 2008. The data is a sample of Gross National Income of selected 173 countries.
The methods employed are analysis of summary statistics, analysis of frequency table and histogram and the analysis of line graph of Gross National Income.
Results
In accordance with the descriptive statistics demonstrated in Table 1, the following relation can be ascertained:
Mean > Median > Mode = 12668 > 7270 > 4860 .
This relationship shows that the data is positively skewed. This in turn means that the number of countries with low Gross National Income is higher as compared to those higher Gross National Income.
Mean is a measure of the central tendency that is outlier biased. The statistical Median represents centre value of the data. Mode actually represents the majority values in the data. In this case the Median seems more appropriate to be focused as the central tendency as Mean seems to deliver an impression that the GNI of all countries is good whereas the Mode value paints an opposite picture. The Line Graph of Gross National Income asserts the selection of Median as a central tendency as the majority of spikes are almost at same level i.e. around 40,000. The exceptions are quiet evident in the above mentioned graph due to which the Mean cannot be selected as the central tendency. The value of Standard deviation is also high due to these exceptions. The Histogram (Figure 1) of the frequency table (Table 2) shows an asymptotic decay in the frequencies. As a result of which it can be claimed that the data is following Exponential Distribution. Conclusion It is concluded that as the rate of Gross National Income is proceeding towards higher degree, the number of countries on the scale is diminishing. The frequency table (Table 2) highlights the lower Gross National Income recorded for the majority of countries. Part 2 Correlation and Regression: Data was ...Download file to see next pagesRead More
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