Descriptic Statistics

Descriptive Statistics Introduction The Chief Executive Officer (CEO) of a nationally chain of fast-food eating ho holds specializing in servicing hamburgers and hotdogs was once asked why matchless of his new restaurants was located in a particular flight strip down center. The administrator remarked that the strip center was in a ontogenesis neighborhood and that at that place was little competition in the bea. When the executive was asked what the ideal locations for their restaurants are, the executive remarked that the firm has modeled its summons for identifying locations for fast-food restaurant business on a process used by a bigger competitor with franchises located across the terra firma that is considered to be exceptionally easily at selecting sites for new restaurants. The process the firm uses considers entropy much(prenominal) as duty counts, syndicate income, home prices, and projected development trends as among the critical selective information el ements. The question is, what are the scoop up measurements to use? Descriptive statistics such as average traffic counts for various times of the day, median(a) household income and home prices, are examples of statistics that urge this example of grocery analysis. This careful process of working with descriptive statistics has allowed both firms to be considered among the largest documentary estate companies in the coupled States.

Their skills in selecting locations relieves apply the restaurant as an interim real estate use and still having opportunities for utilizing their stores for other uses in the fut ure. Measures of meaning(a) tendency (m! ean, median, and mode) are used to describe the middle or center of a set of information. Measures of dispersion (variance and standard deviation) facilitate the analysis of how head the measures of central tendency represent the data collected in a sample and describe how go around out or dispersed the data is. The executive set forth above is fire in average traffic counts during important periods in the data because this measure helps...If you want to get a full essay, influence it on our website: OrderCustomPaper.com

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