Describe the measures of central tendency and calculate each for ...

[javeds]

Describe the measures of central tendency and calculate each for the following salary data: 25,000, 35,000, 35,000, 40,000, 50,000, 70,000, and 350,000 . Which is the best measure of central tendency for this data?

Question 2

What is another name for the build-up approach to budgeting?
 a. task-strategy method c. objective-strategy method
  b. strategy-objective method d. objective-task method

[duke02]

Answer to Question 1

Central tendency can be measured with the mean, median, or mode. The mean is simply the arithmetic average. The mean for this data = 86,428.57 . The median is the midpoint of the distribution, or the 50th percentile. In other words, the median is the value below which half the values in the sample fall and is 40,000 for this data. The mode identifies the value that occurs most often, which is 35,000

The median or mode are the preferred measures of central tendency for this data because they are more representative of this sample due to the outlier of 350,000 . Because of this outlier, the mean is misleading because six of the seven salaries are well below the mean.

Answer to Question 2

D
Definition of build-up method

[javeds]

Thanks for the timely response, appreciate it

[ricroger]

Gracias!