Which measurement is more important the Mode, the Mean, or the Median?
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From a business perspective, which measurement is more important the Mode, the Mean, or the Median? Provide examples (business related) that demonstrate the appropriateness of one of these measures and the inappropriateness of the other two in a particular situation.
Can you think of situations where another one of the measures is more appropriate or relevant?
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From a business perspective, which measurement is more important the Mode, the Mean, or the Median? Provide examples (business related) that demonstrate the appropriateness of one of these measures and the inappropriateness of the other two in a particular situation.
Can you think of situations where another one of the measures is more appropriate or relevant?
Mean, Median and Mode are all measures of central tendency. The mean is the average value of all the data in the set. The median is the value that has exactly half the data above it and half below it. The mode is the value that occurs most frequently in the set.
Mean, Median and Mode are all important and used depending on the nature of variables. Thus the mean can be used only for quantitative data (interval or ratio data). It cannot be used for categorical data (nominal or ordinal data). Mean can be used only for interval, ratio or ordinal data. It cannot be used for nominal data. Mode is valid for all scales (ratio, interval, nominal and ordinal) but not very useful for interval or ratio scaled data because the values are typically spread too thin for duplicates to occur. ((Measurement scales: Nominal, Ordinal, Interval, Ratio are discussed below)
If all three measures can be used, mean is the best measure followed by median and then mode. However, the mean is sensitive to outliers whereas the median is not sensitive to outliers. Thus, although the mean is by far the most commonly quoted measure of central tendency (location), the sample median is a ...
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