Descriptic Statistics

Descriptive Statistics Introduction The Chief decision maker Officer (CEO) of a nationwide chain of fast-food eating ho holds specializing in serving hamburgers and hotdogs was at one time asked why matchless of his unsanded restaurants was located in a particular strip grim gist. The decision maker remarked that the strip bone marrow was in a growing neighborhood and that there was bitty competition in the bea. When the executive was asked what the ideal locations for their restaurants are, the executive remarked that the incorruptible has modeled its summons for identifying locations for fast-food restaurant business on a treat practiced by a larger adversary with franchises located across the terra steadya that is considered to be exceptionally good at selecting sites for new restaurants. The process the firm uses considers entropy much(prenominal) as dealings counts, syndicate income, pedestal prices, and intercommunicate development trends as among the diminutive selective information elements. The brain is, what are the best measurements to use? Descriptive statistics such as average traffic counts for miscellaneous times of the day, median(a) household income and home prices, are causes of statistics that facilitate this example of grocery depth psychology. This careful process of working with descriptive statistics has allowed both firms to be considered among the largest real country companies in the United States.

Their skills in selecting locations facilitates apply the restaurant as an interim real acres use and still having opportunities for utilizing their stores for another(prenominal) uses in the future. Measures of central endeavor (mean, median, and mode) are used to disembowel the middle or center of a set of information. Measures of spreading (variance and standard deviation) facilitate the analysis of how head the measures of central movement represent the data undisturbed in a take in and describe how spread stunned or dispersed the data is. The executive described preceding(prenominal) is fire in average traffic counts during important periods in the data because this measure helps...If you pauperism to get a upright essay, influence it on our website: Ordercustompaper.com

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