Influencing policy (training slides from Fast Track Impact)
Lecture 4 ba 4 statistics for business analytics
1. • Mean (Average)
• Median (Middle number)
• Mode (Most frequent number)
• Variance (difference)
• Standard deviation (How far is variable from
mean)
2. Variance(σ 2 or S2 or SD2 ):
• Difference between actual value and mean
3. Standard deviation σ or S:
• Higher the S.D., higher the risk.
• It is originally denoted by σ, the Greek letter
Sigma or S