Advantages of mode, Applied Statistics

Assignment Help:

Advantages

  1. By definition, mode is the most typical or representative value of a distribution. Hence, when we talk of modal wage, modal size of shoe or modal size of family it is this average that we refer to. The mode is a measure which actually does indicate what many people incorrectly believe the arithmetic mean indicates. The mode is the most frequently occurring value. If the modal wage in a factory is Rs.2,000 then more workers receive Rs.2,000 than any other wage. This is what many believe the “average” wage always indicates, but actually such a meaning is indicated only if the average used is the mode.
  2. It is not affected by extremely large or small items. For example, the mode of values 1, 4, 4 and 10 is 4 and the mode of values 1, 4, 4 and 1,000 is also 4.
  3. Its value can be determined in open-end distributions without ascertaining the class limits.
  4. It can be used to describe qualitative phenomenon. For example, if we want to compare the consumer preferences for different types of products, say, soap, toothpastes, etc. or different media of advertising we should complete the modal preferences expressed by different groups of people.
  5. The value of mode can also be determined graphically, whereas the value of mean cannot be graphically ascertained.


Related Discussions:- Advantages of mode

Predict higpa using a logistic regression, In this problem, we use the CSDA...

In this problem, we use the CSDATA data set, which is available in 'CSDATA.txt'. We do ne an indicator variable, say HIGPA, to be 1 if the GPA is 3.0 or better and 0 other- wise. S

Multiple correspondence analysis, Correspondence analysis is an exploratory...

Correspondence analysis is an exploratory technique used to analyze simple two-way and multi-way tables containing measures of correspondence between the rows and colulnns of an

Median, Median Median is a position average. It is the value of middle ...

Median Median is a position average. It is the value of middle item of a variable when the items are arranged according to their values either in ascending or descending order.

Index number, Index Number Meaning and Definitions of Index Number ...

Index Number Meaning and Definitions of Index Number The index numbers are the special type of averages which are presented in percentages and computed on certain base.

Range, Range Official Exports Target 2000-2001 ...

Range Official Exports Target 2000-2001 Product ($ million) Plantation 500 Agriculture and Alli

Cartogram or mapograph, Cartogram or Mapograph:   Statistical maps are a...

Cartogram or Mapograph:   Statistical maps are also used to represent data like density of population indifferent states in the country or different countries in the world or th

..National Account- Descriptive Statistics, A country''s national accounts ...

A country''s national accounts are assumed to look as follows: GDP 1180 VAT and taxes 140 Commodity subsidies 60 Raw material and consumables 530 1. Calculate GVA 2. Calculate t

Statistics, Theories of Business forecasting

Theories of Business forecasting

Statistical procedures - estimation of a mean, Old Faithful Geyser in Yello...

Old Faithful Geyser in Yellowstone National Park derives its names and fame from the regularity (and beauty) of its eruptions. Rangers usually post the predicted times of eruptions

Regression model, A real estate agency collected the data shown below, wher...

A real estate agency collected the data shown below, where           y  = sales price of a house (in thousands of dollars)           x 1 = home size (in hundreds of square f

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd