Average of expenditures per night

An average is the sum of a list of numbers divided by the number of numbers in the list. In mathematics and statistics, this would be called the arithmetic mean. However, the word average may also refer to the median, mode, or other central or typical value. In statistics, these are all known as measures of central tendency. (https://en.wikipedia.org/wiki/Average)

(Figure 4: average of expenditures per night)

Figure 4 shows an average of expenditures per night. As we can learn from this graph, the USA has the biggest gap (in 2012 it was 93, but in 2013 it was 299). It means that the USA is not reliable. We cannot make a forecast for this company, because the behaviour is unpredictable and random. I think that the most reliable country in the list is France because they do not have a very big difference and a very big distance between numbers.

Median

In statistics and probability theory, the median is the number separating the higher half of a data sample, a population, or a probability distribution, from the lower half. The median of a finite list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one. (https://en.wikipedia.org/wiki/Median). I think that it is better to use median than mean, because it is not so sensitive to changes. And median is the most reliable because outliers are not included.

(Figure 5: Median)

We can see on the table, which three countries except the USA again have numbers which are closed to each other. And I do not recommend using an American English like the main language of our webpage, because this country is not reliable at all.

Mode

The mode is the value that appears most often in a set of data. The mode of a discrete probability distribution is the value x at which its probability mass function takes its maximum value. In other words, it is the value that is most likely to be sampled. The mode of a continuous probability distribution is the value x at which its probability density function has its maximum value, so the mode is at the peak.

Like the statistical mean and median, the mode is a way of expressing, in a single number, important information about a random variable or a population. The numerical value of the mode is the same as that of the mean and median in a normal distribution, and it may be very different in highly skewed distributions. (https://en.wikipedia.org/wiki/Mode_(statistics))

(Figure 6: Mode)

The concept is unusable in its raw form, since no two values will be exactly the same, so each value will occur precisely once. It means that I cannot use mode as a reliable source because in fact it is impossible, because we do not have integers and whole numbers. There are a lot of decimal fractions and non-repetitive figures.

Date: 2016-01-14; view: 1022