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Calculate and apply measures of central tendency and standard deviation to business applications

Business Statistics

This module focuses on descriptive business statistics. Common descriptive statistics include measures of central tendency, such as mean, median and mode, and measures of dispersion, such as variation and standard deviation. These concepts are used frequently in business and can help you in making sound decisions.

On this Assessment, you must show your work at all times. The steps for solving each problem must be explained. Failure to do so could result in your submission being returned to you without grading. If you have any questions about how much work to show, please contact your instructor.

This Assessment must be submitted as a Microsoft® Word® document.

Question 1:

Find the mean, median and mode of the following:

Presto Printing Company sales for the month of February.

(NOTE: The company is closed on Sundays.)

February 2: $4,794

February 3: $5,954

February 4: $3,309

February 5: $3,106

February 6: $7,124

February 7: $2,349

February 9: $3,123

February 10: $4,128



February 11: $3,198

February 12: $2,198

February 13: $7,287

February 14: $1,323

February 16: $4,598

February 17: $3,987

February 18: $3,099

February 19: $3,098



February 20: $5,950

February 21: $3,209

February 23: $6,531

February 24: $3,098

February 25: $4,598

February 26: $4,873

February 27: $9,976

February 28: $5,878





Explain which measure of central tendency is “best” in this scenario and why.

Question 2:

Set up a frequency distribution table and calculate the relative frequency for the following quiz scores that Matt achieved in his Algebra course.  Explain the difference between frequencies and relative frequencies.
Matt’s Quiz Scores: 87, 88, 92, 79, 100, 76, 61, 60, 79, 99, 100, 69, 98, 87, 92, 79, 81, 85, 100, and 100.

Use the following frequency intervals:

60 – 70

70 – 80

80 - 90

90 – 100

b. Calculate the variance and standard deviation for Matt’s quiz scores. 
Suggestion: set the problem up in steps within a table like the textbook illustrates.

c. Explain standard deviation and how it relates to the data.

Question 3:

Ben’s Average Sales:

Monday $5,099

Tuesday $6,900

Wednesday $0

Thursday $10,500

Friday $9,407

Saturday $9,766

Sunday $0

Is it better for Ben to earn 7.5% based on his average daily sales or a flat $4,000 for the week? Explain the pros and cons of each pay plan.