Define mean, median, mode, standard deviation?
Answers
mode of a set of data is the number with the highest frequency. In the above example 106 is the mode, since it occurs twice and the rest of the outcomes occur only once.
One problem with using the mean, is that it often does not depict the typical outcome. If there is one outcome that is very far from the rest of the data, then the mean will be strongly affected by this outcome. Such an outcome is called and outlier. An alternative measure is the median. The median is the middle score. If we have an even number of events we take the average of the two middles. The median is better for describing the typical value. It is often used for income and home prices
Mean is defined as the sum of all values in a set divided by the total number of values in the set. This is the average value in the set.
Median is defined as the intermediate data in the sequence of the set when enumerated in an order. There are two circumstances:
1. If the number of values in the set is odd, the median would have equal numbers of value on either sides of it when enumerated in an order
2. If the number of values in the set is even, the median would be two values that has same numbers of value in either side of them when enumerated in an order
Mode is defined as the value that gets repetitive in the set. If none of the values are repeated in the set, then the mode is null.
Standard deviation is a statistical value that assesses how far a set of values is differed from the mean value of the set. It is calculated by obtaining the sum of the squares of the difference of each value and the mean. The result is then divided by one less than the total number values in the data set. The square root of the obtained is the standard deviation. It is denoted by letter σ