Question

REAL LIFE APPLICATION FOR DATA HANDLING
LIKE MEAN, MEDIAN, MODE, RANGE ETC

Answer 1

Consider the salaries given to employees of a big institution.

Mean - mean is the sum of the total salaries given by the institute divided by no of people working.

Median - it will be the middle value of all the salaries sorted in an acending order.

Mode - it will be the salary with highest frequency, i.e., the amount most people of company are paid.

See for any company if the mean median and mode are in same range, then the company is dividing the wages with not much of a discrimination between the CEO and the lowest job holders. If mean is really higher than the other two it means the wage gap is really high as the CEO bags more money.

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