Monday, January 23, 2017

Skewed data - Stats again

For those who didn't understand the photo :

Background Statistics -
A normal distribution curve is symmetrical bell shaped curve bla bla bla, which I'm sure you know

Skewed curves are seen when the distribution is not symmetrical. It can either be Skewed to the left or the right (see picture)

Now imagine a Skewed curve, depicting the average income of a person and the number of people.
When it's a Gaussian curve, you'll see that - the majority of the people will be in "middle class", some will be super rich and some will be poor.

Now what if that is actually not true? Our graph will get Skewed. This can be of two types.
1) most of the people have an income higher than the average. Mode is greater than the mean.
This is called Skewed to Left, because the graph dips on the left side. And as per the convention, left is also the negative axis. Thus we also call it negative skew.

2) similarly, when most of the people have their income that is less than the average, and very few people own a major chunk of wealth, we call it right skew or positive skew.

And here comes the Eureka moment where you compare them with ideals and philosophies.
Left wing socialists / communists to right wing capitalists.
I'll leave it here for you to ponder over it, gulp it and ruminate it 😉

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