Module 5 Essay Example | Topics and Well Written Essays - 1250 words

Module 5 - Essay Example The number of visits made have a mean of 2.86 with a variance of 4.87. The standard deviation is 2.21 confirming the spread of the data. Group A has wide variations in terms of among the group observations. As Richmond, R (2006) puts it, the amount of variations in a group determine how the elements of the group are spread and how the differences amount to. The workers in group A are quite different from each other and it will not be a good idea to hire them due to this. Both groups have the same mean of 79.1 but the workers in group B have almost the same traits than in group A. When it comes to getting the services of a certain group, Group B is most likely due to its homogeneity. Group A has a standard deviation high above the expected of 24.12. In business, the mean is the best measure of central tendency. For example when you are reporting the sales you made in a day, the mean in the figure to use sine it shows what you have done in overall. On the other hand, while dealing in shares, the median is the most important as it shows the price which is the expectation of many. It shows where many people would like or got their shares in. In exports, the mode is the most important since it determines the frequency of doing business as well as the expected profit. Mode is also applicable when one is dealing with prediction of future business