Explain How Two Data Sets Could Have Equal Means and Modes

question 54

Essay

Explain how two data sets could have equal means and modes but still differ greatly. Give an example with two data sets to illustrate.

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Definitions:

Planning Fallacy

The tendency to underestimate the time, costs, and risks of future actions while overestimating the benefits, leading to poor planning and time management.

Underestimating

The act of judging something to be of lower quantity, value, or importance than it actually is.

Project

A planned set of interrelated tasks to be executed over a fixed period and within certain costs and other limitations.

Overconfidence

A cognitive bias where an individual's subjective confidence in their judgments and abilities is greater than their objective accuracy.