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Mode
The mode is the value which occurs most frequently in a set of observations on the point of maximum frequency and around which other items of the set cluster densely.
The following data relates to the share price quotations of Reality Industries Ltd. quoted in the first fortnight of July, 20x1.
189, 197.50, 193.75, 188.75, 193.75, 217.50, 207.50, 193.75, 210.50, 193.75, 182.50, 183.75, 191.25, 193.75, 188.75
Let us calculate the mode for the above data.
Price quotation (Rs.)
No. of times it occurs
189.00
1
197.50
193.75
5
188.75
2
217.50
207.50
210.50
182.50
183.75
191.25
Total
15
Since the share price 193.75 has occurred maximum number of times, the mode is 193.75.
Thus, the process of determining mode in case of individual observations essentially involves grouping of data.
Quota sampling Under this method enumerators shall select the respondents in place of those not available, as per the quota fixed according to guide lines provided to them.
There may be two values which occur with the same maximum frequency. The distribution is then called bimodal. In a bimodal distribution, the value of mode cannot be determined with
The box plot displays the diversity of data for the totexp; the data ranges from 30 being the minimum value and 390 being the maximum value. The box plot is positively skewed at 1.
Mode Mode is the value of the observation which occurs with the greatest frequency and thus it is the most fashionable value, Mode has been derived from French word La m
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