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It is a field of study concerned with summerizing and interpreting data, then making decisions based on that data.
A quantity calculated in a sample to estimate a value in a population.
- The branch of statistics concerned with drawing conclusions about a population from a
- sampling, followed bysample. This is generally done through random inferences made
- about central tendency, or any of a number of other aspects of a distribution.
- The median is a popular measure of central
- tendency. It is the 50th percentile of a distribution. To find the median of a number
- of values, first order them, then find the observation in the middle: the median
- of 5, 2, 7, 9, and 4 is 5. (Note that if there is an even number of values,
- one takes the average of the middle two: the median of 4, 6, 8, and 10 is 7.)
- The median is often more appropriate than the mean in skewed distributions, or in situations with outliers.
- R = P/100 x (N + 1)
- R - Rank
- P - Desired Percentile (known)
- N - Number on list being ranked
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