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Advantages and Disadvantages of Mean in Statistics

The most popular and widely used measure of representing the entire data by one value is what most laymen call the "average" and what statisticians call the arithmetic mean. Its value is obtained by...

Advantages, Disadvantages & Uses of Median in Statistics

The median of a set of data values is an important measure of the central tendency of the data. It gives us information about where the center of the given data lies. We now...

Why is the Median Resistant but the Mean is Not?

We say that a statistical quantity is resistant to outliers if it does not change drastically due to the presence of extreme values. The mean is not resistant to outliers, that is, the value...

Advantages and Disadvantages of the Moving Averages Method

Moving averages are a fairly straightforward and adaptable way to measure trends in a given time series data. If we want to predict the movement of some variable values over time, we must smooth...

Chronological Classification of Data – Definition | Examples

Chronological Classification of Data refers to the classification of data with reference to time intervals which may be measured in years, months, etc. Most business and economic data are usually classified chronologically in the...

Compare Z Scores Calculator

Whenever we are comparing two different data sets, we must be careful and make sure that the data has been appropriately standardized in order to make the comparison valid. Data values coming from two...

Bonferroni Correction Calculator

A multiple-comparison correction known as the Bonferroni correction is applied when several dependent or independent statistical tests are run concurrently (since while a given alpha value alpha may be appropriate for each individual comparison,...

Probability of At Least One Calculator

The calculator below gives the probability that there is at least one success when an event is repeated 'n' times. Let 'n' denote the number of Bernoulli trials and let 'p' denote the probability...

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