Presented By : Tushar P Shantanu Sharma Urvashi Soneja Shruti Sharma Vijesh R Nayar

Basic Terminology
Mean
Median Mode Range Standard Deviation

Definition :
Mean : The "mean" is the "average" you're used to, where

you add up all the numbers and then divide by the number of numbers.
Median : The "median" is the "middle" value in the list of

numbers. To find the median, your numbers have to be listed in numerical order, so you may have to rewrite your list first.
Mode : The "mode" is the value that occurs most often. If

no number is repeated, then there is no mode for the list.

 Range : The "range" is just the difference between the

largest and smallest values.

Standard Deviation : Standard deviation is a widely

used measurement of variability or diversity used in statistics and probability theory. It shows how much variation or "dispersion" there is from the average (mean, or expected value).

Coefficient of Variation
In probability theory and statistics, the coefficient of

variation (CV) is a normalized measure of dispersion of a probability distribution.

The coefficient of variation (CV) is defined as the ratio of

the standard deviation to the mean :

The CV is only defined for non-zero mean and the absolute

value is taken for the mean to ensure it is always positive.

Advantage :
Coefficient of variation is a dimensionless number. So when comparing between data sets with different units or widely different means, one should use the coefficient of variation for comparison instead of the standard deviation. Disadvantage : When the mean value is close to zero, the coefficient of variation will approach infinity and is hence sensitive to small changes in the mean.

Quartile Coefficient of Dispersion

Quartile coefficient of dispersion is a descriptive

statistic which measures dispersion and which is used to make comparisons within and between data sets.
The statistic is easily computed using the first (Q1) and

third (Q3) quartiles for each data set. The quartile coefficient of dispersion is

Example :
Consider the following two data sets:

Data set A: 2, 4, 6, 8, 10, 12, 14.

n = 7, range = 12, mean = 8, median = 8, Q1 = 4, Q3 = 12 coefficient of dispersion = 0.5 Data set B: 1.8, 2, 2.1, 2.4, 2.6, 2.9, 3 n = 7, range = 1.2, mean = 2.4, median = 2.4, Q1 = 2, Q3 = 2.9 coefficient of dispersion = 0.18 The quartile coefficient of dispersion of data set A is 2.7 times as great (0.5 / 0.18) as that of data set B.

Mean Difference
The mean difference is a measure of statistical

dispersion equal to the average absolute difference of two independent values drawn from a probability distribution. The mean difference is sometimes denoted by or as MD.

Relative Mean Difference

A related statistic is the relative mean difference,

which is the mean difference divided by the arithmetic mean.

Properties :
RMD(-X) = RMD(X), and RMD(c X) = RMD(X) for c > 0.

Gini Coefficient
The Gini coefficient is a measure of statistical

dispersion developed by the Italian statistician and sociologist Corrado Gini and published in his 1912 paper "Variability and Mutability.
The Gini coefficient is a measure of the inequality of a

distribution, a value of 0 expressing total equality and a value of 1 maximal inequality.

 It is commonly used as a measure of inequality of

income or wealth. Worldwide, Gini coefficients for income range from approximately 0.23 (Sweden) to 0.70 (Namibia) although not every country has been assessed.
Gini coefficient is half times of realtive mean

difference.
G=0.5*RMD

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