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Example: Calculate Mean, Median and Mode

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Explanation:

 

 

Mean

 

Arithmetic mean (AM)

 

The arithmetic mean is the "standard" average, often simply called the "mean".

 

(Our solved example in mathguru.com uses this concept).

For example, mean income is skewed upwards by a small number of people with very large incomes, so that the majority has an income lower than the mean. By contrast, the median income is the level at which half the population is below and half is above. The mode income is the most likely income, and favors the larger number of people with lower incomes. The median or mode is often more intuitive measures of such data.

For example, the arithmetic mean of six values: 34, 27, 45, 55, 22, 34 is

 

 

http://en.wikipedia.org/wiki/Mean

 

 

Median

 

In probability theory and statistics, a median is described as the numerical value separating the higher half of a sample, a population, or a probability distribution, from the lower half. The median of a finite list of numbers can be found by arranging all the observations from lowest value to highest value and picking the middle one. If there is an even number of observations, then there is no single middle value; the median is then usually defined to be the mean of the two middle values. (Our solved example in mathguru.com uses this concept)

 

http://en.wikipedia.org/wiki/Median

 

Mode (statistics)

 

In statistics, the mode is the value that occurs most frequently in a data set or a probability distribution. (Our solved example in mathguru.com uses this concept)

 

Like the statistical mean and the median, the mode is a way of capturing important information about a random variable or a population in a single quantity. The mode is in general different from the mean and median, and may be very different for strongly skewed distributions.

The mode is not necessarily unique, since the same maximum frequency may be attained at different values. The most ambiguous case occurs in uniform distributions, wherein all values are equally likely.

 

http://en.wikipedia.org/wiki/Mode_(statistics)

 

The above explanation is copied from Wikipedia, the free encyclopedia and is remixed as allowed under the Creative Commons Attribution- ShareAlike 3.0 Unported License.