Central Currency

548 Words2 Pages
bulb-icon

Recommended: Application of Central tendency

Measures of central tendency which include, the mean, median and mode, attempt to provide the centre point of the data set as wells as represent it with all with one value. Whereas measures of variability (range, interquartile range, variance and standard deviation) attempt to show the spread or difference in a data set. The mean, also known as the average, is the sum of all the values in a set of data divided by the number of values in said set. For example a class of 10 students were administered an IQ test. The scores of which are as followed; 120, 120, 115, 127, 100, 140, 75, 110, 70, 104. In this case that number is 107.4, what this tells us is that the average score on the IQ test was 107.4. Unfortunately this value includes the outliers which can skew the distribution. If we were to put these scores in order from lowest to highest (70, 75, 100, 104, 110, 115, 120, 120, 120, 140) the score that is in the middle or the median would be 112.5. The median, unlike the mean, is not affected by the outliers, these are the scores or values that differ largely from the majority of the data set. In this case they are 70, 75, 140. The last measure of central tenancy is the mode, the most frequently occurring score or value in a data set, the mode being 120 in the current example. …show more content…

This means that they show the distribution of the values in the data set in relation to the mean. If the distribution or spread of the values is large then the mean is not representative of the set of data. If the data is distributed closely around the mean or shows little variability then the mean can be seen as representative of the data set. Also in order to compute the standard deviation the mean, median and mode must all be

Show More
Related

  • The Outliers Gladwell Analysis

    1160 Words  | 3 Pages

    Currently I am on the U-High varsity soccer team with many of my other classmates. I am currently taking a hand full of very hard, challenging courses this year and by taking these hard classes I am learning tons of new subjects, therefore raising my IQ. According to Kendra Cherry, a professional psychologist, the average IQ ranges anywhere from 85 to 120. While reading about IQ I was inquisitive to know what my own score would be so I took an online IQ test. I know that this test was probably not the most accurate test in the world but it gives a baseline, which for me was 138. This shows that my IQ is on the high range compared to the average scores. Also I am a junior this year, while there are players from every other grades on the team as well. I am on the varsity team, but I do not start and I very rarely have the chance to enter the game. On the other hand a teammate of mine, who is a freshman, starts in every game. Since I am a junior and he is a freshman, I have had more education because I have been in school for that much longer than him. Also my IQ is above average while his is probably a little bit lower than mine. Even though I have a higher IQ than him, he is a more successful soccer player than I am. Knowing this you could make the assumption that a higher IQ does not necessarily lead to being more successful in soccer.

    Read More

  • Critique of the Gifted and Talented Evaluation Scales

    1460 Words  | 3 Pages

    Raw scores are converted into percentiles since they have little clinical value. They are the original numerical values associated with the subject’s test performance which are converted into standard scores (Jarosewich, Pfeiffer, & Morris, 2002). The percentile rankings are normally used in scholastic and psychosomatic evaluation. Percentages illustrate ranking of those assessed performance as compared to the current student. Standard scores are the most useful of the test scores. These scores are normalized against the predetermined mean and standard deviation to detail the score’s distance from the average student. The greater one’s standard scores the better. Standard scores also enable better tailored-skill’s education for the individual’s continued growth. Standard scores are also defined against the standard error of measurement for each scale, which about three points. This produces a range within the student’s true score will fall.

    Read More

  • Statistics Assignment: Grades Sav Data File

    635 Words  | 2 Pages

    The extent to which a distribution of values deviates from symmetry around the mean is the skewness. A value of zero means the distribution is symmetric, while a positive skewness indicates a greater number of smaller values, and a negative value indicates a greater number of larger values (Grad pad, 2013). Values for acceptability for psychometric purposes (+/-1 to +/-2) are the same as with kurtosis.

    Read More

  • Analysis Of 'The Bell Curve'

    957 Words  | 2 Pages

    It talks about many different topics this affects. For poverty, it concludes to say that people that have a low IQ most likely live in poverty as it is a strong indicator. It says that low IQ drastically increases the chance of dropping out of high school, and further decreases said person to ever achieve getting a college degree. Low IQ is also associated with people that are unemployed, injured often, or “idle” to which they describe to mean removed themselves from the workforce. It also describes that families with lower IQ have high rates of divorce, lower marriage rates, and higher illegitimate births. Plus the familes children correlates with having low birth weight babies, poor motor skills plus social development, and possible behavior problems. Another one it includes is low IQ correlates with welfare dependency, increased criminal behavior, and people with low IQ are less likely to vote and care less about

    Read More

  • Evolution of Currency: From Gold Standard to Fiat Money

    1178 Words  | 3 Pages

    Adam smith wrote in his masterpiece, the wealth of nations, “It is the necessary, though very slow and gradual consequence of a certain propensity in human nature which has in view no such extensive utility; the propensity to truck, barter, and exchange one thing for another”. This propensity in human nature led to the development of currency – a medium of exchange accepted by a community of people. For centuries gold and silver were used around the world as currency; in 1834 the United States, formerly on a bimetallic standard, converted to a gold de facto standard. This policy made it so the dollar was backed by gold at a ratio of $20.67 per ounce. The Gold standard was used until August 15, 1971 when President Richard Nixon announced that the United States would no longer redeem currency for gold. (Bordo, n.d.) Instead a fiat monetary system – currency not backed by gold – would be used. Both systems have their advantages and

    Read More

  • Standardized Money

    416 Words  | 1 Pages

    There were many reasons for the invention of standardized money. First, nobody wanted to carry 30 pounds of barley to the trade city that could have been 100 miles away. Second, it was difficult to determine the true cost of different goods. For example, if somebody wanted to buy milk for his family, it would almost be impossible to figure out a fair exchange for grain. Finally, the barter system limited the people who would trade with each other. Not everybody would want to purchase milk or grain. In sum, there were too many complications and inefficiencies in a barter economy.

    Read More

  • The Gold Standard in the International Economic System

    1261 Words  | 3 Pages

    THE GOLD STANDARD IN THE INTERNATIONAL ECONOMIC SYSTEM During the late nineteenth century, the global economy was characterized by use of a gold standard. The gold standard helped to unite the economies of the world’s nations, thereby leading to increased prosperity and stability. The success of the gold standard was related to the particular circumstances of the time. As conditions changed, the gold standard became less viable and was eventually dropped. This paper will describe the pros and cons of the gold standard as it existed in the nineteenth century.

    Read More

  • Principal Component Analysis Of PCA

    1617 Words  | 4 Pages

    Standard Deviation is a measure about how spreads the numbers are. It describes the dispersion of a data set from its mean. If the dispersion of the data set is higher from the mean value, then the deviation is also higher. It is expressed as the Greek letter Sigma (σ).

    Read More

  • Essay On Iq Test

    1085 Words  | 3 Pages

    According to the website, I have an IQ of 113. I feel as though a site like www.iqtest.com could produce a “g” score because they make you pay too see an analysis of your results, which indicates to me that they put some effort into producing fairly accurate scores. General intelligence, also known as “g”, describes an individual’s specific mental ability, which is measured by tasks on an IQ test (Myers p. 405). The site breaks down your overall IQ results into different categories of intelligence and gives you an IQ score for how well you tested in a given area. For example, there is a category for “spatial intelligence” which is ones ability to predict what actions will happen based on varied conditions (Website). By looking at the broken down results you can compare areas you have strengths in, versus the areas you might struggle in. This is in accordance to what Charles Sherman found when he discovered that people who score high in one area tend to score high in similar categories (Myers p. 405). For a person to see what their “g” score would be they would simply have to look at which category they scored highest in and from that they would see in which area they have the highest intelligence in.

    Read More

  • IQ Tests as Part of Employment Application Process

    521 Words  | 2 Pages

    William Stern in the 1912 took the mental age of an individual, divided it by the chronological age and obtained the ratio, which he called as an intelligence quotient. Intelligence quotient (IQ) is a score used to express the relative intelligence of a person. In the modern society with high competition in different areas intelligence tests are widely used. IQ tests starting to appear in job interviews as a part of the application process as well. This is still a controversial issue about whether IQ tests should be included in the employability process.

    Read More

  • Stanford-Binet Test

    627 Words  | 2 Pages

    Reliability (extent to which a test yields consistent results, as assessed by the consistency of scores on two halves of the test, on alternate forms of the test or on retesting)- Comparing test scores to those of the standardizing group still won't tell us much about the individual unless the test has reliability.

    Read More

  • In God We Trust: Our Nation's Currency

    1268 Words  | 3 Pages

    America is a country of conflict and compromise. Our nation’s motto was founded on the principles of God. Our nation’s motto was introduced during the civil war. At that time, it became our motto, “In God We Trust” and it was used on United States(U.S.) on its currency. The controversy quickly began as some people questioned the use of the motto or the use of “God” on government currency.

    Read More

  • Human Development: Nature vs. Nurture

    1390 Words  | 3 Pages

    “Variation in IQ is accounted for by variation in home environment to the extent of not more than 4 percent; 96 percent of the variation is accounted for by other factors” (Leahy). “Measureable environment does not shift the IQ by more than 3 to 5 points above or below the value it would have had under normal environmental conditions. The nature or hereditary component in intelligence causes greater variation than does environment.... ... middle of paper ... ...

    Read More

  • Global Currencycy Essay: An Introduction Of The Single Global Currency

    2089 Words  | 5 Pages

    Single global currency also known as one world currency is used for all transaction around the world. Central bank will produced and also supported the single global currency. There are few global currencies such as US Dollar, British pound, Japanese Yen, and Euro. During the World War II, US Dollar has been the main currency which has the greatest global output and trade worldwide. But after the Euro appeared, it successfully has became a single global currency which is playing a big role on the worldwide trade and world outputs which now competing the US Dollars. Euro is the second largest world currency which is also known as common currency and also is a stable currency which is now

    Read More

  • The Foreign Exchange Market

    1006 Words  | 3 Pages

    There is one thing that differentiates the international business with the domestic business where it uses more than one currency in the commercial transaction. For example, if a company from British purchases some goods from a company from US, the international transaction will require for exchanging pounds and U.S. dollars which involve the foreign exchange market. In the foreign exchange market, any country that wish to do business with foreign country, the country need to convert their domestic currency into the foreign currency that they are wish to cooperate with through foreign exchange.

    Read More

More about Central Currency

Open Document