Descriptive Statistics Lecture Notes

The objectives of Classification of Data are to simplify the data, to facilitate comparison, to provide a basis for tabulation, and to help in understanding the nature of the data.

The uses of Index Numbers include measuring changes in economic, business or other quantitative data, comparing different time periods, and making forecasts or predictions.

The Measures of Central Tendency include the mean, median, and mode, which are used to describe the center of a data set.

<p>The Lorenz curve (Concentration curve) is used to show the distribution of economic resources or wealth within a population, and to analyze income inequality.</p> Signup and view all the answers

<p>The GINI coefficient is a measure of statistical dispersion intended to represent the income or wealth distribution of a nation's residents, and is commonly used as a measure of inequality of income or wealth.</p> Signup and view all the answers