Summary of Daily Footfall at a Retail Store in Bangalore

The daily footfall at a retail store in Bangalore over the last 30 days is shown in the below Table. Calculate the mean, median, mode and standard deviation.

ANSWER:

Here are the summary statistics for the 30 days of footfall data calculated using Excel:

Mean: The average footfall over the last 30 days is 230.4.
Median: The middle value of the footfall data is 227.
Mode: The most frequently occurring footfall value is 219.
Standard Deviation: The standard deviation of the footfall data is approximately 39.34.

These values provide insights into the central tendency, typical value, and dispersion of footfall at the retail store in Bangalore over the specified period.

The same summary values are calculated manually:

When calculating the median, the data is sorted first. Since the count of data points is even, we take the average of the middle two values. In this case, the 15th and 16th values are averaged to obtain the median.

15th + 16th values / 2

= 225 + 229 = 454 / 2 = 227

The mode calculated manually yields two values, 213 and 219, while Excel identifies 219 as the mode.
Furthermore, there’s a slight discrepancy between the standard deviation values: Excel reports 39.34, while manual calculation yields 38.68.

Typically, there shouldn’t be any variance between manual calculations and Excel formulas. However, when employing Bessel’s correction, which uses \( N-1 \) instead of \( N \) in the denominator for standard deviation calculation, slight differences may arise. In this case, applying Bessel’s correction results in a standard deviation of 38.68, differing slightly from the Excel result of 39.34. But, these are also not equal.

Thank You so much for reading.