Question
Download Solution PDFIdentify, from the following, the moment used as a measure of skewness?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Third moment
Key Points
- The first moment is called the MEAN which describes the center of the distribution.
- The second moment is the VARIANCE which describes the spread of the observations around the center.
- The third moment describes other aspects of a distribution such as how the distribution is skewed from its mean or peaked.
- Skewness is a measure of the asymmetry of a probability distribution about its mean.
- The third moment is often used as a measure of skewness, as it indicates the degree of asymmetry of a distribution.
- A positive third moment indicates that the distribution is skewed to the right, while a negative third moment indicates that the distribution is skewed to the left.
Additional Information
- Skewness is a measure of the asymmetry of a distribution
- Third moment is used as a measure of skewness
- Positive third moment indicates a right-skewed distribution
- Negative third moment indicates a left-skewed distribution
- Other measures of skewness include the mean deviation and the coefficient of mean deviation.
- The third moment should be used with caution as it can be sensitive to outliers, and may not always accurately reflect the shape of a distribution.
- It is important to consider the overall shape of a distribution and use multiple measures of skewness when analyzing data.
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