Business Statistics measures of central tendency

Rita Lamichhane

Student

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  • 30 Dec, 2024
Replies (5)
Harit Thakuri

Instructor

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1. Average monthly salary of all staff together

Given:

  • Average salary of 10 male staff = Rs. 20,000
  • Average salary of 5 female staff = Rs. 18,000

Solution:
The formula for the combined average salary is:

Combined Average=Total Salary of Male Staff + Total Salary of Female StaffTotal Number of Staff\text{Combined Average} = \frac{\text{Total Salary of Male Staff + Total Salary of Female Staff}}{\text{Total Number of Staff}} Total salary of male staff=10×20,000=200,000\text{Total salary of male staff} = 10 \times 20,000 = 200,000
Total salary of female staff=5×18,000=90,000\text{Total salary of female staff} = 5 \times 18,000 = 90,000
Combined Average=200,000+90,00010+5=290,00015=19,333.33\text{Combined Average} = \frac{200,000 + 90,000}{10 + 5} = \frac{290,000}{15} = 19,333.33

Answer: The average monthly salary of all staff together is Rs. 19,333.33.


2. Standard deviation and variance of the data

Given:

  • Mean = 12
  • Coefficient of Variation (CV) = 25%

Formula:

CV=Standard DeviationMean×100CV = \frac{\text{Standard Deviation}}{\text{Mean}} \times 100
Standard Deviation=CV×Mean100\text{Standard Deviation} = \frac{CV \times \text{Mean}}{100} Standard Deviation=25×12100=3\text{Standard Deviation} = \frac{25 \times 12}{100} = 3

Variance is the square of the standard deviation:

Variance=(Standard Deviation)2=32=9\text{Variance} = (\text{Standard Deviation})^2 = 3^2 = 9

Answer:

  • Standard deviation = 3
  • Variance = 9

3. Classification of data in statistics

Definition:
Classification of data refers to the process of arranging data into different categories or classes based on shared characteristics. It helps in simplifying, organizing, and analyzing data effectively.


4. Finding Mean


  • Mean = 40
  • Mode = 30


Mode=3×Median2×Mean\text{Mode} = 3 \times \text{Median} - 2 \times \text{Mean}

Rearranging to solve for Median:

Median=Mode+2×Mean3\text{Median} = \frac{\text{Mode} + 2 \times \text{Mean}}{3}
Substitute the values:
Median=30+2×403=30+803=1103=36.67\text{Median} = \frac{30 + 2 \times 40}{3} = \frac{30 + 80}{3} = \frac{110}{3} = 36.67

  • 30 Dec, 2024

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