Mean, Mode and Median
Mean, mode and median are popular quantitative research methods used in business, as well as, engineering and computer sciences. In business studies these methods can be used in data comparisons such as comparing performances of two different businesses within the same period of time or comparing performance of the same business during different time periods.
Mean implies average and it is the sum of a set of data divided by the number of data. Mean can prove to be an effective tool when comparing different sets of data; however this method might be disadvantaged by the impact of extreme values.
Mode is the value that appears the most. A given set of data can contain more than one mode, or it can contain no mode at all. Extreme values have no impact on mode in data comparisons, however, the effectiveness of mode in data comparisons are compromised in the presence of more than one mode.
Median is the middle value when the data is arranged in numerical order. It is another effective tool to compare different sets of data, however, the negative impact of extreme values is lesser on median compared to mean.
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