To get a dead tree comic I am doing this. As you can see, I really really want it.
A friend of me asked these 5 questions long long ago...
1. During the past few months, major league baseball players were in the process of negotiating with the team owners for higher minimum salaries and more fringe benefits. At the time of the negotiations, most of the major league baseball players had salaries in the $100,000 - $150,000 a year range. However, there were a handful of players who, via the free agent system, earned nearly three million dollars per year. Describe the advantages and disadvantages of the median and mean in describing the 'average' salary.
The handful of players are outliers. The best approach for this analysis would be finding mean, standard deviation and skewness of data. Mean and standard deviation should be found out ignoring the outliers and skewness should be visualised using curve projection. Curve projection can be done with or without the outliers. However the gradient and the main projection area should not be compromised to include outliers.
Mean : Mean is simply the average of the data. The handful of outliers would distort the mean. However this would also depend on the numbers of players in the given range, In case the outliers are less than .5%, mean can be assumed to reasonably represent the given data. However mean as a standalone figure should not be used. Using standard deviation with mean would give us a reasonable estimate of the data.
Median : Median is the middlemost value of a population. In case of this data, median would be reasonable figure if the population was more than 1000. Then the median would ignore the outliers without moving away from the middle of distribution. Median would be useful here when viewed with mode of the frequency for small ranges within the given range.
No. As much my friends might have downplayed her nuisances, I would have got sense knocked into my head somehow. It might have taken some more time though.
No. As I went further in my Actuarial exams, comparing Assets and Liabilities took the top priority. Now I compare them for a long future term. Sometimes 100 years.
4. Which Hindi Movie comedian do you most identify with?
IS Johar. That deadpan humor is me.
5. Name one person/thing you love with so much passion, it actually hurts.
My Actuarial exam pass certificates. Try touching them sometime, it'll actually hurt :)