The term mean is widely used in mathematics and statistics. It refers to the arithmetic mean, commonly known as the average. The arithmetic mean of a data set is calculated by summing all values and dividing by the total number of values.
The formula for calculating the arithmetic mean is:
Where ΣX is the sum of all values and N is the total number of values in the data set.
The median is the middle value in a sorted data set. If the number of values is odd, the median is the middle value. If it is even, the median is the average of the two middle values.
Example:
The mode represents the value that appears most frequently in a data set. A data set can be unimodal (one mode), bimodal (two modes), or multimodal (more than two modes).
The range is the difference between the highest and lowest values in a data set. It provides insight into the spread of the values.
Understanding mean, median, mode, and range helps in analyzing and interpreting statistical data effectively, ensuring better decision-making in various fields.