Description

When data all have similar values, such as housing prices of similar-sized houses on the same block, then the mean is an appropriate measure, but if the value of one residence is 50 times as high as the others, then the median gives a better description of a typical value than the mean.

However, you want to get away from the idea that the data, and only the data, drives the choice of descriptive statistics. The example is given that, if you wanted to buy all the houses in Brooklyn, if you took the median, and multiplied by the number of houses, you wouldn’t have enough cash. So, the median is a useful descriptive statistic, but the mean is essential for planning and making decisions.

Respond to one of the following options in your initial post, citing at least one specific credible source in support. Question on credible sources? See the Scholarly, Peer-Reviewed, and Other Credible Sources

Option 1: Find an article that mentions a new drug that promises an improved survival rate.

Identify whether this rate represents the mean or the median of the data set.

Assess whether that is ideally what you’d want to know for this data.

Provide a specific reason for your answer.

Option 2: For this option, consider a normal distribution.

Decide whether you should use the median or mean to best describe the data set.

Determine whether the standard deviation or the interquartile range are relevant factors.

Briefly discuss in the context of a specific example.

Option 3: Respond to the following questions.

If the median house price is $1.9 million, does that necessarily mean that half of the houses on the block are worth less than $1.9 million and half are worth more?

How do ties figure in?

Give an example that includes 8 to 12 data points.

Your initial post should be at least 200 words in length.

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