If "A Picture is Worth a Thousand Words," What is a Video Worth?

While taking the arithmetic, geometric, or harmonic mean of a sample data set, equal importance is assigned to all the data points. However, all the values may not always be equally important in some data sets. An intrinsic bias might make it more important to give more weightage to specific values over others.
For example, consider the number of goals scored in the matches of a tournament. While computing the average number of goals scored in the tournament, it may be more important to...

The histogram is a graphical representation in the x-y form of data distribution in a data set. The horizontal x-axis is labeled with what the data represents (for instance, distance from your home to school). The vertical y-axis is labeled either frequency or relative frequency (or percent frequency or probability).
A histogram graph consists of contiguous (adjoining) boxes. The heights of the bars correspond to frequency values. The graph will have the same shape with respective labels. The...

The mean absolute deviation is also a measure of the variability of data in a sample. It is the absolute value of the average difference between the data values and the mean.
Let us consider a dataset containing the number of unsold cupcakes in five shops: 10, 15, 8, 7, and 10. Initially, calculate the sample mean. Then calculate the deviation, or the difference, between each data value and the mean. Next, the absolute values of these deviations are added and divided by the sample size to...

The way a set of data is measured is called its level of measurement. Correct statistical procedures depend on a researcher being familiar with levels of measurement. For analysis, data are classified into four levels of measurement—nominal, ordinal, interval, and ratio.
A set of data measured using the ratio scale takes care of the ratio problem and provides complete information. Ratio scale data are like interval scale data, except they have a zero point and ratios can be calculated....

The coefficient of variation measures the dispersion of the data points or distribution around the mean. Using the coefficient of variation, we can compare two data series with drastically different means or different units of measurement. The coefficient of variation for a sample and a population is expressed as a percentage of the ratio of standard deviation to the mean.
The coefficient of variation is a practical statistical tool in finance. It allows investors to assess the volatility or...

If in an experiment, data values have a probability of being both positive and negative, neither the arithmetic mean, the geometric mean, nor the harmonic mean can be used to calculate the central tendency of the data set. In particular, if the positive and negative values are equally likely, the arithmetic mean is close to zero.
For example, consider the velocity of gas molecules in a container. The gas molecules are moving in different directions, which might impart positive and negative...