Statistical thinking II

There are some key statistical concepts that everybody should be familiar with. Here is a non-comprehensive list of some of my favourites. There are few concepts more fundamental and understandable than averages. They are calculated by adding up a set of numbers (say annual wages of people in a population) and then dividing by the number of numbers you added up (to give an average wage). The calculation is easily done but the interpretation is slightly more tricky. We often fall into the trap of thinking that the average means the usual or the typical. This is not necessarily the … Continue reading Statistical thinking II