Advantages Or Merits Of Standard DeviationThe main advantages of standard deviation can be expressed as follows:
1. Rigidly Defined
Standard deviation is rigidly defined measure and its value is always fixed.
2. Best Measure
Standard deviation is based on all the items in the series. So, it is the best measure...
Showing posts with label Statistics. Show all posts
Showing posts with label Statistics. Show all posts
undefined
201
Merits Or Advantages Of Mean DeviationThe main advantages of mean deviation can be highlighted as follows:1. Simple And Easy
Mean deviation can be computed easily by using simple formula. It can be easily understood.
2. Easy Comparison
Different items of observations can be easily compared with mean deviation.
3....
undefined
201
Advantages/Merits Of Quartile Deviation (Q.D)Major advantages of quartile deviation can be studied as follows:
1. Rigidly Defined
Quartile deviation is rigidly defined measure of dispersion. So, its value is always fixed.
2. Easy Calculation
It can be computed easily by using following formula:
Q.D = (Q3-Q1)/2
(Where,...
undefined
201
Advantages/Merits Of RangeMain advantages of range can be highlighted as follows:
1. Rigidly Defined
Range is rigidly defined measure of dispersion. So, it value is always fixed.
2. Simple And Easy Method
It does not require special mathematical knowledge to compute range. It can be calculated simply by subtracting...
undefined
201
Merits Or Advantages Of Harmonic MeanSome of the notable advantages of harmonic mean can be expressed as follows:
1. Rigidly Defined Method
Value of harmonic mean is always fixed as it is rigidly defined.
2. Appropriate For Rate And Time
Harmonic mean is suitable for the computation of average of time, rate and...
undefined
201
Advantages/Merits Of Geometric MeanMain advantages of geometric mean can be expressed as follows:
1. Rigidly Defined
As geometric mean is rigidly defined, its value will be always fixed.
2. Based Upon Items
Geometric mean is based on all the items of the series.
3. Suitable For Percentage And Ratio
Geometric mean...
undefined
201
Advantages Or Merits Of ModeThe Main advantages of mode can be studied as follows:
1. Simple And Easy Method
Mode can be easily computed and understood. In some cases, it can be obtained simply by inspection without doing mathematical calculation.
2. No Effect
Mode will not be affected by extreme observation...
undefined
201
Some of the notable advantages and disadvantages of median can be expressed as follows:Advantages/Merits Of Median
1. Easy And Simple
Median can be calculated with little mathematical knowledge. Sometimes it can be determined simply by inspection also. So, it is a simple and easy method to obtain the middle value of the...
undefined
201
Main advantages and disadvantages of arithmetic mean can be highlighted as follows:
Advantages/Merits Of Arithmetic Mean
1. Simplicity
Arithmetic mean is most widely applied measure because it can be calculated very easily and can be understood without any complication.
2. Rigid Formula
The value of arithmetic mean...
Main advantages or merits of diagrammatic and graphical presentation of data can be expressed as follows:
1. To Simplify The Data
Diagrams and graphs present data in effective way that can be understood by any one easily. So, diagrams and graphs are the best way to simplify the complex data.
2. Attractive Presentation
Diagrams...
undefined
201
Main advantages or benefits of tabulation of data can be expressed as follows:
1. To Simplify Complex Data
Tabulation simplifies complex data by arranging them systematically in a meaningful manner. So, tabulation converts confusing information in understandable form.
2. To Facilitate Comparison
Tabulation of data...
undefined
201
Merits Or Advantages Of Random SamplingThe main advantages of random sampling can be expressed as follows:1. Simple Method
Simplicity is one of the major advantage of this sampling method. Random sampling is very simple method of data collection. It does not require any special skill or knowledge to study the items.
...
undefined
201
Major drawbacks or disadvantages of sampling method of data collection can be studied as follows:
1. Inadequacy Of Sample
Sampling method is not suitable if the universe is small and sample size is inadequate. Census method is appropriate for small and heterogeneous items.
2. Misleading
If sampling is conducted...
undefined
201
Main advantages or benefits of sampling method of data collection can be studied as follows:
1. Less Costly
In census method, each and every item of the universe is studied. But in sampling method, information is obtained from small portion of universe. So, it is less costly method of data collection.
2. Less Time
Sampling...
undefined
201
Main advantages and disadvantages of census method of data collection can be highlighted as follows:
Advantages/Merits Of Census Method
1. Accuracy And Reliability
Census method ensures higher degree of accuracy than other techniques. It provides complete information because each and every item is investigated carefully....
undefined
201
Major limitations or disadvantages of index number can be expressed as follows:
1. Lack Of Accuracy
Index number lacks accuracy because it represents only the rough indication of relative changes in variables (i.e. price and quantity).
2. Difficult To Select Base Year
In this method, variables of current year are...
undefined
201
Main advantages or uses of index number can be highlighted as follows:
1. Measurement Of Relative Changes
Index number helps to measure the quantitative changes in variables by comparing the data of current year with the data of base year.
2. Measurement Of Price Level Change
Under this method, the price of current...