Descriptive Statistics: Measures of Central Tendency and Measures of Dispersion

You have a data-set containing 10K data points where each data point is the house-hold income of a given area for example. But what do you with this data. The most fundamental tools that help in making sense of huge data-sets are "measures of Central Tendency" and "measure of Dispersion". They are also known as …

How to apply Mean and Standard Deviation?

What is Mean? Mean of any given distribution is a measure of central tendency of that distribution. Mean is also known as Arithmetic Mean or Average Value or Expected Value. For a data-set with discrete real values mean can simply be computed as sum of all the values in data-set divided by the number of …