Calculate the mean, median, and mode of your dataset. Understand their formulas and uses below.
Formula: Mean = Σx / n
Where:
Σx = Sum of all data points
n = Number of data points
Uses: The mean provides the average value of a dataset and is useful for understanding the central tendency.
Formula:
If n is odd: Median = x(n+1)/2
If n is even: Median = (xn/2 + x(n/2)+1) / 2
Where:
xk = k-th data point in the ordered dataset
n = Number of data points
Uses: The median represents the middle value of a dataset and is less affected by extreme values (outliers).
Formula: Mode is the value that appears most frequently in a dataset.
Uses: The mode indicates the most common value in a dataset and is useful for categorical data analysis.