Round up for 5 or greater is a simple method of rounding off, but it introduces a bias. See below to find out how to avoid the bias, as explained by the authoritative Math Forum.

There are two ways to round that are commonly taught. The rules we give in most of our answers are those taught to children (and commonly used by computers), because they are simpler but are sufficient for

most purposes. Where statistics matter, and where numbers that END

with the 5 are common, rounding to even is preferred.

When an even decimal (or any even number) is followed by a 5, you

round down. When an odd decimal is followed by a 5, you round up.

For example: 75.45 = 75.4, but 75.55=75.6. Or rounding to the nearest

10, 145 = 140, but 155 = 160.

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Tags: bias in statistics, cumulative errors, number biases, rounding off numbers, working with data

This entry was posted on March 24, 2015 at 9:33 pm and is filed under Finance, General interest, Health, Math League, Statistics, Statistics Readings. You can follow any responses to this entry through the RSS 2.0 feed.
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