Sunday, August 3, 2008

Mean, Median, Mode:

Mean:
The mean is the average data point value within a data set. To calculate the mean, add all of the individual data points then divide that figure by the total number of data points.

Median:
The median is the middle point of a data set; 50% of the values are below this point, and 50% are above this point.

Median is the middle value, when all possible values are listed in order. Median is not the same as Average (or Mean).

Mode:
It is the value or item occurring most frequently in a series of observations or statistical data.

It is the most often occurring value in the data set.

A data set may contain more than one mode, e.g., if there are exactly 2 values or items that appear in the data the same number of times, we say the data set is bi-modal.

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