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Describe compensatory models. Also, discuss the role of representativeness, availability, and the confirmation bias in decision making. Identify the strengths and weaknesses of each technique in your discussion.
Skewness
A measure of the asymmetry of the probability distribution of a real-valued random variable.
Median
The middle value in a data set when the values are arranged in ascending or descending order.
Mode
The value that appears most frequently in a data set.
Standard Scores
Scores that are derived from the raw data and standardized to a mean of zero and a standard deviation of one, enabling comparison across different scales.
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