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Number of Sales [link widoczny dla zalogowanych]2 4 6 4 7 6 9 5 15
Davis [link widoczny dla zalogowanych], S. F. & Smith R. A., An Introduction to Statistics and Research Methods (Prentice Hall: New Jersey, 2004).
Median refers to the middle element of a set of quantities. To calculate the median of a set of data, the data is arranged in a specified order. For instance, a set of data is arranged in order of quantity. The median will then be calculated by identifying the middle term of this set of data.
Product Numbers 1 2 3 4 5 6 7 8 9
For instance if a shop were to have 9 products for sale, the mode would the most successful product in sales. The table below shows the products offered and the sales of each product.
As shown on the table the most popular product was product number 9, which is called the mode.
Collecting raw data would be of little use if there were no method to interpret the data so that results are obtained. Such interpreting of raw data can assist business executives in determining marketing trends and recognizing business opportunities.
What is the Median?
3 5 7 9 11 13 17 41
As its name implies, mode refers to the typical tendency of a set of values or the typical average. In other words, the mode is the value which occurs the most frequently in a set of data.
References
Calculating the Arithmetic Mean
For example the median of the following elements would be 10.
The arithmetic mean is the average most people are familiar with. This type of average is most often used in everyday life and this is calculated by dividing the total of a set of quantities by the number of these quantities:
As shown in this short introduction to statistics there are three measures of central tendency and the choice of average used largely depends on the nature of values collected and what the average value will represent.
The value of 10 was obtained by calculating the arithmetic mean of the middle two elements (9 + 11 = 20/2 = 10)
The general definition of the average refers to taking a single value as a representative of a larger number of similar values. In the jargon of statistics is it often referred to as the measure of central tendency.
Measures of Average
Read on
What is Standard Deviation
Teach Estimation, Measurement [link widoczny dla zalogowanych], and Calculation
Using Mean, Median and the Mode
How to Find the Mode
When the number of elements is an odd number the median will be middle term, whereas when the number of elements are an even number the median will be obtained by calculating the arithmetic mean of the middle two elements.
Arithmetic mean = Total of the quantities / Number of quantities