Inferential Statistics For Decision Making

Discuss, elaborate, and reflect on the following from chapters 3 & 4. I have listed the important topics that you have to include in your discussions. Give examples and elaborate on the applications of the topic. Here are the important topics in chapter 3 & 4. Chapter-3 Topics: • Measures of Central Tendency; mean, median, and mode • When and how to use mean, median, and mode. • Determining skewness from mean and median Chapter-4 Topics: • The concept of variability and how to use it. • Range of distribution • What is interquartile range of distribution how do you interpret it. • How do you calculate standard deviation and variance for a grouped and ungrouped data?