Management and Statistics

Please provide a short review of concepts and examples of: sample, measures of central tendency(meanvalue), and measure of variation (range, standard deviationσ) related to businessmanagement. In addition, could you show how these various elements are determined mathematically.

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A sample is a set of observations that are taken from a population
Example: We select 20 cars by random from a car dealership. The population is all of the cars in the dealership. The sample is the 20 cars chosen by random.

Say that each car has a price.

Below is a table of …

This solution provides an introductory statistics tutorial and explains ans provides examples of concepts such as, samples, measures of central tendency, measure of variation and relates it to business management. Included is an Excel document for further illustration of the concepts into statistical forms. Additionally, many of these elements are explained mathematically.