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Quant Basics: Mean, Median and Mode

Quant Basics: Mean, Median and Mode

Mean, median and mode are the most basic of statistical terms. Most of you might already be familiar with these terms. We often use them to make sense of data. Let us try to revise the basics again.

Mean

Mean is nothing but the average of the numbers. You can find the mean by adding all the given numbers and dividing it by the number of entries. For example, we have to find to find the mean of the following numbers

11, 55, 33, 27, 89, 56, 56

Now, add these numbers together. The total is 314. Now, divide it by the number of entries (7 in this case). So, 327/7=46.71

So, 46.71 is the mean of this data.

Median

Median is another simple term used to identify the middle range of numbers. To get the median, you have to arrange these numbers in the ascending order. When we do that, we get

11, 27, 33, 55, 56, 56, 89

So, 55 is the median of this data.

Mode

Mode is simply the number that occurs the most number of times in the data set. In this case, the mode is 56.

Test your understanding. Attempt a few practice tests.

Img Credit: lightbulbbooks.com



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