Mean, Median, Mode | Measures of Central Tendency | Statistics and Data Analysis Video
Mean, Median, Mode | Measures of Central Tendency | Descriptive Statistics | Statistics and Data Analysis | Business Statistics | Lean Six Sigma | Research Methodology
CHAPTERS
0:00 Introduction
0:31 Learning Contents
0:47 Meaning of Central Tendency
1:29 Purpose and Functions of Central Tendency
3:38 Types of Central Tendency
4:18 The Mean
5:29 The Median (M)
8:43 The Mode (Z)
#statistics #centraltendency #average #mean #median #mode #statisticalanalysis #statisticstutorials
CENTRAL TENDENCY OR AVERAGE
The Central Tendency or Average is a single value, point or location which represents the whole set of figures and all other individual items concentrated around it. In simple words, an average is a single value within the range of the data that is used to represent all of the values in the series. Since an average is somewhere within the range of the data, it is sometimes called the measure of central value.
FUNCTIONS OF AVERAGE
• To present a huge mass of data in a summarised form.
• To facilitate comparison
• To help in decision making
ARITHMETIC MEAN OR MEAN
Arithmetic Mean is the important, popular and simplest measure of central tendency. It is generally known as ‘Mean’ alone. Arithmetic Mean or Mean is the number which is obtained by adding the values of all the items of a series and dividing the total by the number of items.
The mean summarizes all the information in the data. It is the average of all the observations. The mean is a single point that can be viewed as the point where all the mass or weight of the observations is concentrated. It is the centre of mass of the data. If all the observations in our data set were the same size, then (assuming the total is the same) each would be equal to the mean.
MEDIAN
The median is a special point since it lies in the centre of the data in the sense that half the data lie below it and half above it. The median is thus a measure of the location or centrality of the observations.
The median, unlike the mean, is an observation (or a point between two observations) in the centre of the data set. One-half of the data lies above this observation, and one-half of the data lies below it. When we compute the median, we do not consider the exact location of each data point on the number line; we only consider whether it falls in the half-lying above the median or in the half-lying below the median.
MODE
The mode of the data set is the value that occurs most frequently. The mode tells us our data set’s most frequently occurring value. There may be several modes and so the data is defined such as unimodal data; when there is only one mode, bimodal data; when there are two modes in the data, multimodal data; when there are more than two modes.
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