Moments-Central and Raw Moments- Mean, kurtosis, Variance and Skewness
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Data are information collected from various sources in various forms. These data are analyzed to get meaningful conclusion and insights about the dataset. A single datum is hardly useful. We usually require a dataset consisting a series of datapoints to carry out any analysis or get to a conclusion. This series of datapoint traces the path on which the variable under consideration moves. This traced path can be very useful to understand the pattern of the data and also predicts its future movement. To understand the pattern, we need to consider certain characteristics of the path. The points when plotted on graph paper, the traced path takes the form of a curve. And the characteristics of the path such as mean, variance, kurtosis and skewness can be found out using moments. These are two types of moments- raw and central. Central moment measures the deviation of datapoints from mean. Whereas, raw moment measures the deviation of datapoints from 0. The 1 st order raw momen...