We commonly represent sets of data in statistics by representative values that explain the average values of the collection. This representative value is called the measure of central tendency. By its name, this value implies that it is one that the data is centered around. There are three central tendencies: mean, median, and mode.
The statistics field deals with obtaining data and information for a particular purpose. The game statistics are derived from the tabulation of each run-off of each ball. Any collection of data can be represented in several ways, including tables, graphs, images, pie charts, bar graphs, pictorial representation, etc.
Mean Mode Median is one of the most commonly used parameters of central tendency, there are many others too. This topic has very important relevance for students in economics background, as all these three concepts form the base of statistics, & no other topic can be understood without learning it first.
Mean: Introduction & formula
There are various kinds of mean in statistics, but the most common one is the arithmetic mean, which is generally the average of all the values given to us. You can calculate it by dividing the sum of all the numbers by the total number of values in the data.
Formula of mean: m= sum of all the values
Total number of values (n)
Example: there are 5 values- 6,1,5,9,2
There mean will be- m= 6+1+5+9+2 = 20= 4
Therefore, the value of mean here is 4.
Median: Introduction & Formulas
Speaking about median, the name itself explains its concept. Median is a value that lies in the middle of a series, which is arranged from lowest to highest.
Formula: There can be two possible case scenarios while solving questions of Median, considering the ‘n’ factor in mind. They are:
- When ‘n’ is odd:
In this case, the value of the median will be the exact middle value in the series.
Therefore, the median can be calculated as- N+1th observation
- When ‘n’ is even:
In this case, you need to calculate the median by taking out the average of the following terms: N &N+1
Therefore, your formula for median will look like this:
N + N+1th
2 2 observation
On solving this, you will get the number of observations, on which your answer lies.
There are 5 boys in a row, standing as 3,1,4,2,5. The median, in this case, will be 4, as it is the middle value.
Mode: Introduction & Formula
For any given series of numbers, the mode will be the most occurring value in the series or we can say the most frequent number in the series.
There are 2 special cases for mode:
- No mode will be there if all the numbers occur the same number of times ina given series.
- There can be more than 1 mode if more than 1 number repeats frequently.
Formula: There is as such no perfect formula for finding out the Mode of a given series, it is taken as the most frequently occurring value only.
- From 5,6,5,7,5,8,9,5 the mode will be 5 because it is the most frequently occurring value.
- From 5,6,5,6,5,8,6,5,6 the mode will be 5 & 6 both because both are the most frequently occurring terms in the given series.
Marketing professionals often rely on the mean, median, and mode to study the effectiveness of advertisements. Mean: Marketers calculate the mean revenue earned per advertisement so that they can understand how much money their company is making on every ad.Median is used where extreme cases can be ignored. E.g., To find the consistent performance of a cricketer, his worst & best extreme performance can be ignored. If you are looking forward to learning this important concept of statistics, it is advised to seek help from math experts like Cuemath. They will guide you on every step & help you understand the most difficult concepts with a lot of ease to ensure that you score well.