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

Normal probability plots, The Null Hypothesis - H0:  The random errors will...

The Null Hypothesis - H0:  The random errors will be normally distributed The Alternative Hypothesis - H1:  The random errors are not normally distributed Reject H0: when P-v

Define sampling unit , Define sampling unit and population for selecting a ...

Define sampling unit and population for selecting a random sample in every case. a) 100 voters from a constituency b) 20 stocks of National Stock Exchange c) 50 account ho

Advantages of mode, Advantages By definition, mode is the most typic...

Advantages 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 i

Data project, Dr. Jim Mirabella UNIT EIGHT: DATA ANALYSIS PROJECT All Excel...

Dr. Jim Mirabella UNIT EIGHT: DATA ANALYSIS PROJECT All Excel output should be copied into a single Word document where you must enter all of your responses to the questions below.

Example of discrete random variable, Example of discrete random variable: ...

Example of discrete random variable: 1. What is a discrete random variable? Give three examples from the field of business. 2. Of 1000 items produced in a day at XYZ Manufa

Compare the t interval with the bootstrap interval, Jocko's Garage has been...

Jocko's Garage has been accused of insurance fraud. Data on estimates made by Jocko and another garage were obtained for 10 damaged vehicles (available in 'jockogarage.txt'). Here

Calculate the current ratio and quick ratio, You were recently hired by E&T...

You were recently hired by E&T Boats, Inc. to assist the company with its financial planning and to evaluate the company's performance.  E&T Boats, Inc. builds and sells boats to o

Kolmogorov-smirnov - normal probability plot, The Null Hypothesis - H0:  Th...

The Null Hypothesis - H0:  The random errors will be normally distributed The Alternative Hypothesis - H1:  The random errors are not normally distributed Reject H0: when P-v

Harmonic mean, The Harmonic Mean is based on the reciprocals of numbers ave...

The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th

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