The difference between the highest and lowest values in a data set is called the range. Mode is the most often occurring value in a data set. When the number of observations (n) in the set is even, the median formula is When the number of observations (n) in the set is odd, the median formula is

It is the middle point of a set of observations when the numbers are in ascending or descending order. Mean is calculated by adding the sum of values in a data set and dividing it by the number of observations in the data set. Mean is the arithmetic average of the given data set. Is it possible to figure out some important features of the data by considering only a few representatives of the data? Yes, This is possible by using measures of central tendency or averages, namely mean, median, and mode. Every day we come across different kinds of data in newspapers, articles, in our bank statements, mobile, electricity bills, etc. Identification of the central position of any data set while describing a set of data is known as the measure of central tendency.

These three can also be defined as the different measures of the centre of a numerical dataset. Mean, Median, and Mode are the three of the most commonly used averages in statistics.

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