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What is an advantage to using the median when examining a set of data?
The median or mode should be used instead of the mean in distributions with extreme outliers. In such cases, the mean can be a misleading measure of central tendency and the median value or the mode value are typically more accurate measures.
What is the uses of mean median and mode in business and industries?
mean can be used in business and industries for comparing purposes. mode as it gives us the value which occurs most often, it can be use to determine the shoe sizes especially in shoe manufacturing industries. median is used to determine the skewness of data
How does mean median and mode apply in life?
They are statistical measures that are used, when appropriate, to summarise the central tendency of a set of data. That is, given a number of observations, these measures can give an indication of the value near which they all are.
What is an outlier in stats?
An outlier, in a set of data, is an observation whose value is distant from other observations. There is no exact definition but one commonly used definition is any value that lies outside of Median ± 3*IQR IQR = Inter-Quartile Range.
Why is the mode not used very much as a measure of central tendency?
The mode is the value with the most data. Unfortunately it tells you nothing about the rest of the distribution. The mean and median provide more useful information in most situations.
