From the course: Data Analytics for Business Professionals (2022)
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Nature of averages
From the course: Data Analytics for Business Professionals (2022)
Nature of averages
- Descriptive statistics summarize the basic features of a dataset. Used independently and unquestioned, these statistics can hide important information, but in combination, they enable a user to make educated choices. Building off averages, medians, and modes, we now delve into the importance of using all these statistics to understand a dataset, and the danger of using just one. As averages are the most commonly reported descriptive statistic, let's walk through an example showing the importance of looking beyond an average.
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