Mean is the simple mathematical average of a set of two or more numbers.
The mean for a given set of numbers can be computed in more than one way, including the arithmetic mean method, which uses the sum of the numbers in the series, and the geometric mean method, which is the average of a set of products. However, all the primary methods of computing a simple average produce the same approximate result most of the time.
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The mode is the value that appears most frequently in a data set. A set of data may have one mode, more than one mode, or no mode at all. Other popular measures of central tendency include the mean, or the average of a set, and the median, the middle value in a set.
Understanding the Median
Statistics is a branch of mathematics. It involves the collection and study of data, which allows researchers to make inferences or determinations about a certain topic. The analysis of quantitative data can be used to study anything from demographics, populations, and investments among other things.
A median is the middle number in a sorted list of numbers (either ascending or descending) used in statistical studies. To determine the median value in a sequence of numbers, the numbers must first be sorted or arranged in value order from lowest to highest or highest to lowest.
