Mode, Applied Statistics

Assignment Help:

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.

Example 

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

  1

193.75

  5

188.75

  2

217.50

  1

207.50

  1

210.50

 1

182.50

  1

183.75

  1

191.25

  1

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.


Related Discussions:- Mode

Pattie-lynns utility function, Pattie-Lynn's utility function for total as...

Pattie-Lynn's utility function for total assets is, in which A represents total assets in thousands of dollars. (a) Graph Pattie-Lynn's utility function. How would y

Perform clustering of the unlabeled data set, Perform clustering of the unl...

Perform clustering of the unlabeled data set. You could use provided initial centroids set or generate your own. Also there could be considered next stopping criteria : - maxim

Break-even analysis, a. How can break-even analysis be used in selecting a ...

a. How can break-even analysis be used in selecting a new plant site? b. What are potential advantages and disadvantage of locating a production facility in foreign country i

Calculate the maximum weight of the engine, Determine the maximum weight in...

Determine the maximum weight in kN to one decimal point (1 DP) of the engine that can be supported without exceeding the tension given in  Parameter 1 (P1) in chain AB or 1.1 x P1

Evaluate the standard deviation, Use only the rare event rule, and make sub...

Use only the rare event rule, and make subjective estimates to determine whether events are likely. For example, if the claim is that a coin favors heads and sample results consis

Prediction interval, Prediction Inte rval We would like to construct a...

Prediction Inte rval We would like to construct a prediction interval around    which would contain the actual Y. If n  ≥  30,     ± Zs e  would be the interval, where Z

Index number, "index number is an economic barometer" comment on this state...

"index number is an economic barometer" comment on this statement

Probability function, Among the students doing a given course, there are fo...

Among the students doing a given course, there are four boys enrolled in the ordinary version of the course, six girls enrolled in the ordinary version of the course,and six boys e

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