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Uses of Mode
The use of the mode is recommended in the following situations:
a.When a quick and approximate measures of central tendency desired.
b.When the measure of central tendency be the most typical value. For example in business for casting in the manufacture of read made garments etc.
c.In the followings cases the average referred to is mode:
a.Average output
b.Average wages
c.Average height of an India
d.Average size of shoes or readymade garments etc
e.Average time in manufacturing an item
f. Average expenses of a student per month in a hostel.
Each day you own 0 or 1 stocks of certain commodity. The price of the stock is a stochastic process that can be modeled as a Markov chain with transition rates as follows
The scientific methods is thus based on certain basic postulate which can be stated as under: a. It relies on empirical evidence: b. It utilizes relevant concepts;
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