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Practical Application Of Statistics

Practical Application Of Statistics

The purpose of statistics is to enable the people and the organization to manage variation better: To identify sources of variation, and continually reduce process variation, to improve value provided to the customers of that organization. This means improving the ability of all key processes of the organization to serve the customer
Mean, mode, and median are types of measurement in statistics. The mean is the average number, while the median is the center number.  In this case if the mean price of a house is higher lower than the median it would show that there is one or more low priced houses.  This might be an indication that the neighborhood might have some issues that you would want to look into such as flooding.
The mode is the most common number on the list.  Back to our housing prices, if the mode was $100,000 then you would know that is the most common cost.  All of these measurements are a form of centering.  Depending on the information you need would determine which kind of centering you would use.  
Standard deviation represents the variability in values.  It is computed by the square root of the

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