What is Mode and it's importance in Statistics?
Mode is one of the three basic measures of central tendency in statistical data analysis. It is defined as the most repeating observation in the given data, or the value of the random variable associated with the data having highest frequency. For example, if the observations are 5, 6, 2, 5, 9, 3, 5, 3, 6, 5, 8 then 5 is the most repeating value, and so mode of this data is 5. Mode is most useful as a measure of central tendency when examining categorical data, such as models of cars or flavors of soda, for which a mathematical average median value based on ordering can not be calculated. If we plot the observations graphically, then the observation with the highest peak is the mode. And in practical, for a shop owner the most sold item has the primary importance in their business, and the most sold item is statistically called the mode.
How to Calculate Mode of Data given Mean and Median?
Mode of Data given Mean and Median calculator uses Mode of Data = (3*Median of Data)-(2*Mean of Data) to calculate the Mode of Data, Mode of Data given Mean and Median formula is defined as the value or values that appear most frequently in a dataset. It represents the most common or repeated values, and calculated using the mean and median of the data. Mode of Data is denoted by Mode symbol.
How to calculate Mode of Data given Mean and Median using this online calculator? To use this online calculator for Mode of Data given Mean and Median, enter Median of Data (Median) & Mean of Data (Mean) and hit the calculate button. Here is how the Mode of Data given Mean and Median calculation can be explained with given input values -> 60 = (3*70)-(2*75).