Question

Econ 3030- Economics & Sports

Briefly name and describe two (quantitative) measures of competitive balance. Which measure do you think best captures the concept, and why?

Answer 1

- The two quantitative measures of competitive balanace are as follows:

1. The actual standard deviation.

2. The relative standard deviation.

The relative standard measures best captures the concept because of the following reasons:

1. It is also called as the percentage relative standard deviation which provides the value adjustment in a prominent way.

2. It clearly explains, how the different numbers of a particular series of a data are scattered surrounded the mean.

3. It is also helpful in explaining whether the product comes lower or higher and it depends on the numbers are closer than its average or not.

If numbers are closer to the average than it means that product comes lower and vice-versa.

4. It is divided the data and that’s why it is useful for the differentiate between the data values.