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.