What are the uses of mean, median, mode,quartiles, deciles, percentiles range, MAD, SD,Variance and kurtosis?

Answer 1

Basically you use these in statistics. Quartiles are used to give a visual interpretation for statistics.

Answer 2

mean: the average value of a set of data.
median: the middle value of a set of data (3,2,8 has a median of 3.)
mode: the most frequent number appearing in a set of data.
quartiles: division of data into four groups, each containing 25% of the numbers in the data - 0 to 25%, 25.1-50%, 50.1-75%, 75.1-100%.
deciles are similar to quartiles, but are based in groups of ten; 0-10%, etc.
SD, standard deviation, is a measurement of how far from the normal a given value is. One standard deviation is roughly 34% from the mean, 2 SDs are about 47.5%, and usually is considered a significant statistical difference.
kurtosis refers, generally, to the shape of the distribution curve. high kurtosis means that values are very close to the mean - like a sharp peak. Low kurtosis means that values are more evenly spread out over the range. Sorry, MAD escapes me right now.

Answer 3

A very good use of such statistical tools can be understood if u know some thing about stock markets.
In stock markets what an investor will be looking at maximising his return. For this he has to take decisions on at what price levels he has to invest, what return he can expect based on the past performance of the firm.

While predicting the return also what is the standard deviation and variance of the stock, it s correlation with the index etc. help a lot

There are other areas where these statistical tools are of very much use. But since the most common use comes in stocks this example is given

Answer 4

Quartiles Deciles And Percentiles

Answer 5

Their uses are for drawing conclusions about data sets and for sharing information about the data without forcing everyone to go over the data themselves.

If you know the definitions of these terms, then, when someone else uses them in describing the data set, you carry away information about the set that allows you to make decisions based on it.

1,1,1,1,1,1,2,2,3,27

Has a modality of 1 (the most recurring)
a median of 1 (the one in the middle when placed in order)
but a mean of 4.

For someone used to looking at data, having such a large relative difference between two measures of central tendency and the third, might hint to a large standard deviation.

Answer 6

Statistics

Answer 7

advise = time-honored Median = the middle decision (even as they're prepared from the smallest to the optimal value) mode = maximum elementary decision decision = distinction between the optimal value and smallest value

Answer 8

these are the various averages/tools used in statistics to interpret the data collected and classified

Answer 9

yep, statistics: basically analyzing and interpreting data.