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ABZ Ltd. Is a global corporation dealing in categories of products including DVD, CD andBooks which includes Politics, novels, classical and best-sellers? The company is dealing with diverse customers from different age groups, gender, area, marriage status, etc.
A company always aims to achieve sustainable growth by achieving its target sales at optimal prices to maximize the profit margin and market share simultaneously. For ABZ Ltd. the data is analysed to understand the behaviour of customers and sales. Measures such as mean, range, probabilities, etc. are used in the study and also various graphs and tables are studied to support the recommendations. The analysis is to achieve more profit and sales for ABZ Ltd.
Any single value that explains the set of data by identifying the central position within that set of data is called central tendency. They are also known as a summary statistic. Mean is one of the methods to calculate the central tendency. it is also known as average.
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