[Orca-users] statistical definitions

[JV]

Message: 1
Date: Thu, 24 Feb 2005 10:03:13 -0500
From: "Sanford, Klaus G." <klaus.sanford at us.army.mil>
Subject: [Orca-users] Question regarding Statistical Calculations...
To: "'orca-users at orcaware.com'" <orca-users at orcaware.com>

Dear Sir or Ma'am,


  What is the statistical definition and value of taking the minimum and
maximum values in a data set and taking their average.
 

(e.g.  sample size=30 ;  min =8  ; max =79 ; take avg = 8+79 / 2 = 43.5)


  So 43.5 is the avg of the max and min value but what is the term for this
calculation?  Thanks.

-----------------------

Aye yi yi
used to know these by heart in undergraduate stats class...

what you asked for is the MEDIAN of the high-low range. That's something a
stockbroker would do, but my old quant professors would beat you with a
stick if you did that.

rigorous analysis should always consider reviewing the dataset and
contrasting each of the statistical MEAN, MEDIAN, and MODE - but hey there
are just too many samples and not all are that interesting (!)

The Statistical Mean
http://www.vanderbilt.edu/Engineering/CIS/Sloan/web/es130/statist/mean.html

The Statistical Median
http://mathworld.wolfram.com/StatisticalMedian.html

The Statistical Mode
http://mathworld.wolfram.com/Mode.html

As I understand Tobi Oetiker's documentation of RRD, it'll do whatever you
tell it. Search the Orca archives for some thread by "Santana Fernando" June
of 2003 btwn he & Blair for more like this.


JV711