• Representative values:
o mean, median, mode
o calculation from raw data and frequency distributions using appropriate software
o using the results to draw valid conclusions.
• Measures of dispersion: standard deviation for small and large samples, typical uses (statistical process: control, buffer stock levels).
• Calculation: use of quartiles, percentiles, correlation coefficient.
o mean, median, mode
o calculation from raw data and frequency distributions using appropriate software
o using the results to draw valid conclusions.
• Measures of dispersion: standard deviation for small and large samples, typical uses (statistical process: control, buffer stock levels).
• Calculation: use of quartiles, percentiles, correlation coefficient.
Representative Values
When presented with data you need to understand what it is telling you to help develop an appropriate plan.
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The mode is the value that appears the most.
The median is the middle value. The mean is the total of the numbers divided by how many numbers there are. |
Calculate the mean, median and mode for the following data set of average spend per customer for two different shops
Shop1 - £30, £33, £40, £33, £50, £37, £28 Shop 2 - £5, £10, £13, £15, £15, £60, £80 |
Calculate the mean, median and mode for the following data set of average customers:
Why would this information be useful?
Why would this information be useful?
Consider how the following examples would relate to analysing data:
> Income levels in the UK
> Busyest time of day
> Sale levels during the week or year
> Salary/wages
> Income levels in the UK
> Busyest time of day
> Sale levels during the week or year
> Salary/wages
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Factors to consider with the different data sets
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Measures Dispersion
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What does dispersion mean?
Have you heard of standard deviation before? What do you think it means? Have you heard of normal distribution before? What do you think it means? Why is this relevant to the data being presented to you? 
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Standard Deviation - Explained and Visualized
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Use of standard deviation
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For this to be calculated correctly, why will I need to take account of the standard deviation?
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How would this knowledge help to control the business. Consider the following data you could measure via standard deviation and what a business could do with that information:
Staff lates / absenteeism Labour productivity Customer complaints Stock waste The above could then be measures across a chain of different shops to present a comparison of how different businesses are performing in the chain. |
Calculation: use of quartiles
Consider how the following graphs relate to the above key terms.
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Calculation: use of correlation coefficient
Why is being able to measure a correlation for sales data so important?
How does it relate to the Boston Matrix?
How does it relate to the Boston Matrix?
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