# Mean, Mode, and Median

Does all statistical data have a mean, median, or mode? Why? When is the mean the best measure of central tendency? When is the median the best measure of central tendency?

The mean is an average of a set of data and in order to find the mean you would simply add the numbers together and divide by the total number of inputs that were available to find the mean of those numbers. As a homeschool teacher I have to use this to find the mean of one of the students grades by adding all of the grades together and dividing the numbers by how many assignments were done. The median is the middle number that is given within the set of data and has been organized in ascending order to give me the median of the assignments. The mode of this example would be the number that occurs more frequently in the data. Statistical data does not always have a mean, mode, or median but should have at least one of these statistical measures. Using average is the best measure of a central tendency because it depends on the set of data and whether or not it has outliner’s. Furthermore, if there are not many outliner’s mean can be a good measure but if outliner’s are present within the data median is the better measure to use because it would not skew the information based on the outliner’s data. In contrast, most statistical data has a mean, median, mode, or all three, but there are some instances in which certain calculations cannot be made or are arbitrary.

# Forecasting

Introduction

In researching forecasting within a business some of the information has proven to be very helpful in determining what the future holds for the business or company. Some of the concepts this paper will cover has to deal with indexes and the different types of indexes that are involved with any type of business. With any business forecasting the future trends are important because these charts show the trends over a period of years based on the averages. All company’s have forecasting to meet the goals and objectives within the business. Rating systems can also be viewed as an index but require certain factor’s in particular rating systems. There is a variety of index’s throughout the business world some of them consist of the Dow Jones Industrial Average, the Consumer Price Index, and the Consumer Confidence Index.
Forecasting is a process in which, business’s make statements about the events where the actual outcome has typically not been observed. Business’s tend to make forecasting apart of the business because it sets out goals and objectives for them to achieve. Without forecasting the business would not have any type of goals or objectives to reach therefore, the business would not know what to predict for the upcoming years or months. Forecasting is done in a variety of ways and tells different types of information based on the business. The chosen forecasting for this project was the Winter and Summer Highs for a period of four years. Based on the information that was given the forecasting of these two items fluctuated throughout the years. Estimation of the future goals of the business would allow them to achieve success. For example, the current company that I work for right now uses forecasting to determine the amount of sales that they will do during each of the two shifts. Even though forecasting is just an estimation of the sales that they will possibly do it is a goal that they work towards. The Dow Jones Industrial Average (DJIA) is a well-publicized index that reflects the value of stock prices (Sevilla, 2007).
In reading the text about rating index’s this type of index can be considered as a type of indexing scheme. These types of rating index’s are set up for company’s to compare movies, colleges, cities, or other institutions. When consumer’s buy movies the company will rate how popular the movies are depending on the demand of the product. Movies are rated on the content of those movies and placed in the following categories: PG, PG-13, R, NC-17, or G. Rating index’s can also be used to organize places, or things based on the amount of traffic a certain place has had over the past year or compared to earlier years. This could be used to base the future’s popularity of certain places around the world. In order for a business to use the rating system indexes appropriately, the business needs to consider the information that is included in the rating as well as the reliability of the information. We encounter rating systems when various organizations rate, for example, the best cities for walking or the best “family-friendly” companies (Sevilla, 2007)..
The charts show how the time series data of indices fluctuates by decreasing and increasing steadily of the months, and years. Throughout these years the information that has been provided shows that the fluctuation over these years will more than likely continue. During the fifth and ninth months is when the summer highs were at their peak. Then in the tenth month it dropped considerably with a slight peak in month eleven and then back down at the twelve month. During the winter highs the fluctuation begins at the beginning of the year and has the highest peak during the eleventh and twelfth month. The winter highs started off with a high peak and tapered off throughout the upcoming months. Looking at the information it looks like the last two months of the year were the best time for the winter highs.
In conclusion, by looking at the market prices, trends, and forecasting business’s can set out goals, and objectives. Predictions and outcomes are different and sometimes those goals and objectives are not met. But with any business these figures are not set in stone and can be changed to meet the future trends, and market prices. Forecasting is a way to forecast or predict what the company or business will do during the year, or months. There is no guarantee that that the number’s that have been projected will be matched. Forecasting with indexes is a excellent way to make sure that demands are being met throughout the business.

References:

Sevilla, A., & Somers, K. (2007). Quantitative reasoning: Tools for today’s informed citizen (1st ed.). Emeryville, CA: Key College Publishing.

# Charts and Graphs

Charts and graphs are used to show information about the company’s progresses or recesses. Although graphs and charts are used for a variety of things within a business. Some provide more detail than others a histogram used variables and are measured on a interval scale. By using these variables the business or company can see how they fall onto the histogram. When a company uses a bar chart it shares some of the similarities that the histogram does but it also measures the frequency on each of the categories used within the graph. By using these graphs and charts this will give the company or business the visual representation of the data that is collected within the graphs or charts. Furthermore, the graphs and charts are an excellent way to interpret the data that is being presented to the company or business. Understanding of such charts is needed to be able to understand the data that comes along with the charts and graphs. If company’s or business’s did not have charts and graphs they would just be looking at a variety of numbers that would not mean much without the graphs and charts. When we think about the data in charts and graphs which have the ability to condense the large amounts of information into formats that are easier to understand which would allow the person presenting the graphs and charts a more effective way of communicating the data that is involved with the graphs or charts.