28/09/2025
📊 Descriptive Statistics Made Simple📊
Statistics isn’t just about numbers — it’s about summarizing data to understand patterns. Here are the key measures you should know:
1️⃣ Mean (Average):
The sum of all values divided by the number of values. It gives the central value of the dataset.
2️⃣ Weighted Mean:
Similar to the mean, but each value has a weight, giving more importance to some values over others.
3️⃣ Median:
The middle value when the data is ordered. It is less affected by extreme values (outliers).
4️⃣ Mode:
The value that appears most frequently in the dataset. Useful for categorical or repeated data.
5️⃣ Range:
Difference between the maximum and minimum values. It shows the overall spread of the data.
6️⃣ Variance (Population):
Measures how far each value is from the population mean. Shows overall data spread.
7️⃣ Variance (Sample):
Similar to population variance but adjusted for sample data by dividing by n-1 instead of N.
8️⃣ Standard Deviation:
The square root of variance. It shows how much values typically deviate from the mean.
9️⃣ Coefficient of Variation (CV):
A relative measure of variability (σ/μ × 100). Useful to compare spread across datasets with different scales.
🔟 Quartiles:
Values that split the data into four equal parts (Q1 = 25%, Q2 = 50% or median, Q3 = 75%)
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