Population parameters or population characteristics can be estimated by taking representative samples of a population.
In other words, conclusions about an entire population can be inferred from a sampling of that population.
This sampling of the population can then be examined, and inferences made about the general population it represents.
Various measures provide different types of data or measures of data from which conclusions can be derived.
Examples of these types of measures are Measures of Central Tendency and Measures of Dispersion.
Address one of the following prompts in a brief but thorough manner.
What are the most common measures of central tendency?
What information is provided by each of these measures and what do they tell us? How could you use measures of central tendency in decision making as a leader and/or manager?
What are the various measures of dispersion?
What are the uses of these measures and what are their limitations?
What does each of these measures tell a researcher? A leader or manager?