Let's start with mean.
Advantages: Finds the most accurate average of the set of numbers. • Most popular measure in fields such as business, engineering and computer science. • It is unique - there is only one answer.
• Useful when comparing sets of data.
Disadvantages: Outliers can change the mean a lot... making it much lower/higher than it should be. Affected by extreme values (outliers)
Advantages: Finds the middle number of a set of data, so outliers have little or no effect.
Disadvantages: If the gap between some numbers is large, while it is small between other numbers in the data, this can cause the median to be a very inaccurate way to find the middle of a set of values.
Advantages: Allows you to see what value happened the most in a set of data. This can help you to figure out things in a different way. It is also quick and easy. Disadvantages: Could be very far from the actual middle of the data. The least reliable way to find the middle or average of the data Comparison Of Mode With Mean and Median
From the above discussion, about the merits and drawbacks of mean, median and mode it is obvious that mode does not stand in comparison either to mean or median. Mode no doubt possesses the merit of being the most popular item of a series and has also the advantage of easy calculation and common understandability yet its drawbacks are too many to be set off against these merits. Mean is simple in calculation, its value is definite and can be easily determined. It is amenable to algebraic treatment and is usually not affected much by fluctuations of sampling. Median is more easily calculated than even mean, and in certain cases it is as stable as mean, but if variations in the values of items are not uniform, median is indeterminate, and is almost incapable of algebraic treatment. Mode is hardly suitable for most of the elementary studies as it is correctly determined only by curve-fitting which is an extremely...
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