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Fear of Big Data: Multiple Inflations

Summary:
bit.ly/dsia04e Part E of Lec 4 of Descriptive Statistics: An Islamic Approach, explains how inflation rate varies by household, depending on consumption pattern. Generally speaking, one cannot reduce all of these inflation numbers to ONE number – the inflation rate -without serious loss of information. A histogram captures most of the information in the data ...

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bit.ly/dsia04e Part E of Lec 4 of Descriptive Statistics: An Islamic Approach, explains how inflation rate varies by household, depending on consumption pattern. Generally speaking, one cannot reduce all of these inflation numbers to ONE number – the inflation rate -without serious loss of information. A histogram captures most of the information in the data set in a form that is easily understood visually. We compare the Mean, Mode, and Median as Central Measures for the data set, in terms of the information conveyed by these numbers.


Asad Zaman
Physician executive. All opinions are my personal. It is okay for me to be confused as I’m learning every day. Judge me and be confused as well.

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