Model Answer
0 min readIntroduction
Descriptive statistics are fundamental tools in data analysis, providing a summary of a dataset's characteristics. The mean, or average, is one of the most commonly used measures of central tendency. It represents the typical value in a dataset and is calculated by summing all the values and dividing by the total number of values. In the context of management, understanding and calculating basic statistical measures like the mean is crucial for informed decision-making, performance evaluation, and trend analysis. This answer will calculate the mean using the provided data.
Calculating the Mean
The mean is calculated using the following formula:
Mean = (Sum of all values) / (Number of values)
To calculate the mean, we need the data from the table. Since the table is missing from the question, I will assume a sample dataset for demonstration purposes. Let's assume the following data is provided in the table:
| Value |
|---|
| 10 |
| 15 |
| 20 |
| 25 |
| 30 |
Step-by-Step Calculation
- Sum of all values: 10 + 15 + 20 + 25 + 30 = 100
- Number of values: 5
- Mean: 100 / 5 = 20
Therefore, the mean of the given dataset is 20.
General Approach with a Placeholder Table
If the actual data table were provided, the same process would be followed. The sum of all values in the table would be calculated, and then divided by the total number of entries in the table. The result would be the mean.
For example, if the table contained the following data:
| Observation | Value |
|---|---|
| 1 | 5 |
| 2 | 10 |
| 3 | 15 |
| 4 | 20 |
| 5 | 25 |
The calculation would be:
- Sum of values: 5 + 10 + 15 + 20 + 25 = 75
- Number of observations: 5
- Mean: 75 / 5 = 15
In this case, the mean would be 15.
Conclusion
In conclusion, calculating the mean is a fundamental statistical operation. It involves summing all values in a dataset and dividing by the number of values. The accuracy of the calculation depends on the correct summation and counting of values. While this example used a sample dataset due to the missing table, the same principle applies to any given dataset. Understanding this basic statistical measure is essential for effective data analysis and decision-making in various management contexts.
Answer Length
This is a comprehensive model answer for learning purposes and may exceed the word limit. In the exam, always adhere to the prescribed word count.