Answers FowU - Financial Math - B Business Summary StatisticsQuestion 6

6

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Business Summary Statistics

Question 6 • FowU - Financial Math - B

Which of the following statements is not true?

Answer

A

The median is not affected by outliers as much as the mean.

B

The mode is the most frequently occuring value(s) in a data set.

C

The best measure of central tendency depends on the data set.

D

The mean is the middle value of a data set.

Explanation

The mean is calculated by adding all the values and dividing by how many values there are. The middle value in an ordered data set is the median, not the mean. Therefore, the statement “The mean is the middle value of a data set” is not true.

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