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How can the statistical quantities mean, mode, median and standard deviation be used in a company?

April 26, 2017Business deviation Finance mean median mode standard statistical Used

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How can the statistical quantities mean, mode, median and standard deviation be used in a company?

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Mean: to find the average income of consumers (can be skewed by outliers) Mode: to find the number of times the HR department earns bonus compared to other departments Median: to find the middle income of consumers (ignores outliers) Standard Deviation: to determine how much the mean average income is influenced by outliers