State Which Type of Average, the Mean, Median, or Mode

question 44

Essay

State which type of average, the mean, median, or mode, would be most appropriate in the situation described. Explainyour thinking.
-A shoe manufacturer wants to know in which size they should make the most shoes.
Which type of average would be the most useful?

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Definitions:

Cash Receipts

The money a company receives from its various business activities, typically including sales, services, loans, or any transactions that bring cash into the organization.

Cash Disbursements

The process of paying out cash for various purposes, which could include expenses, investments, or dividends.

Master Budget

A comprehensive financial planning document that includes all of the subsidiary budgets within an organization, projecting its financial activities for the period.

Raw Materials Production Needs

The quantity and type of raw materials required to meet production schedules for finished goods.