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17. Measuring central tendency Three primary statistics are used to describe a variables central tendency defined as the average behavior of the variable. You can use these statistics, known as the mean, the median, and the mode, to draw meaningful conclusions about a variables post behavior and to predict tuture behavior. A-2 An Investor is considering a stock with the following returns over the past 12 years: Year Annual Return 1 8% 2 12 14 4 B 6 6 7 9 B 5 5 10 11 6 12 7 O X Mean The mean, also known as the arithmetic mean, tells the value a variable is expected to take the means to all the observations and divides by the number of observations, as shown in the following formula AZ wort The mean (or average) return for this stock over the past 12 years is me However, they are called the mean, while representa For notational purposes, represents mway mnt Median tion in a date. The mediantes us that has the date testove and The median indicates the other half les below If you het all your servations in numerical order the median would be the middle cron. For det anderen identifying the medan is. However, for data sets with an even number of the dough ervations to find the median Nombresent the storem data in ascending order 4...... Now, present the stock return duta in mounding order: ,,,,,,,,,, 129, 1 This data set has 12 observations, se average rations and to find the median, A-Z When the median and men are mar, you can conclude that the data are metal. Degener De normally or uniformy distributed. However, the median scantly than organer than the high or low Observations, called must be affecting the rests, and that the distribution Are there any outliers in this sample of data? Mode The made indicates the observation. In the credit the main because it The mode does not necessarily indicate the center of a data Mt. But if the data is roughly metric the mode witte te mand median Check Your Understanding Your college football team has 15 hackers sted on the poster. The weight of these 15 players, in poudare shown 219 233 23 203 24 200 236 227 220 208 Check Your Understanding Your college football team has 15 linebackers listed on the master. The weights of these 15 players, in pounds, are shown below! 238 233 219 208 203 236 227 248 200 220 227 225 215241 227 What is the weight of the average linebacker? The pounds What weight is most common amongst the linebackers? The pound What is the average weight of the linebackers? pounds The Save & Continue