The most common averages used in statistics are the arithmetic mean, the median, and the mode. Each describes the middle of a dataset in different ways. The ...SkiptomaincontentSidepanelCoursesProgramsHelpGettingStartedDiscussionForumsHelpCenter&FAQLoginorSignupCoursesProgramsHelpGettingStartedDiscussionForumsHelpCenter&FAQBUS204:BusinessStatisticsSectionsCourseIntroductionUnit1:IntroductiontoStatisticalAnalysisUnit2:Counting,Probability,andProbabilityDistributionsUnit3:TheNormalDistributionUnit4:SamplingandSamplingDistributionsUnit5:EstimationandHypothesisTestingUnit6:CorrelationandRegressionStudyGuideCourseFeedbackSurveyCertificateFinalExamSaylorDirectCreditResourcesActivitiesQuizzesHomeAboutSaylorAcademyBlogCollegeCreditPartnersLoginorSignuptotrackyourcourseprogress,gainaccesstofinalexams,andgetafreecertificateofcompletion!Unit1:IntroductiontoStatisticalAnalysisEvenifyouhaven'ttakenastatisticscoursebefore,youarealreadyfamiliarwiththefundamentalsofstatisticsfromyoureverydaylife.Forinstance,youalreadyknowthatthemajorityofadultmaleshavethesameshoesize(whichisveryclosetotheaveragesize),andthatthereareafewadultmalesonbothsidesoftheaveragewhohavesmallerorlargershoesizes.Instatistics,wecallthisphenomenonthe"normaldistribution".Thisunitwillintroduceyoutostatisticalanalysisandhowitrelatestobusiness.Forexample,youmaybeinterestedinlearningabouttheaveragepriceofa50-inchTVbygatheringpricedatafrom30differentstores.Youwouldthentakeyour30pricesandcomputetheaverageprice.Giventhefactthattherearethousandsofstoresthataresellingthatparticularproduct,thenextquestioninstatisticsis:areyouconfidentenoughtosaythatyourcomputedaverageisreflectiveoftherealaveragethatyouwouldgetifyoulookedatthepriceforthatTVateverypossiblestore?Youareprobablyfamiliarwiththeaverageofadataset.Inthiscourse,wewillrefertowhatmostpeoplecalltheaverageasthe"arithmeticmean".Theaverageisactuallyanysinglevalueusedtodescribethemiddleofadataset.Themostcommonaveragesusedinstatisticsarethearithmeticmean,themedian,andthemode