Meaning Central Tendency: Many problems in economics and management involve frequency distributions. In frequency distributions, one encounters certain values that occur frequently while other values less frequently. To be more specific, in many frequency distributions, the tabulated values show smaller frequencies at the beginning and at the end and larger or higher frequencies at the middle of the distribution. This [...]
Definitions: Mode may be defined as the value that occurs most frequently in a statistical distribution. "The mode is the value occurring most frequently in a series of items and around which the other items are distributed most densely." —Zizek In French language 'Mode' means 'Fashion'. Around this value, there is high concentration of the values. It is neither [...]
Mode is the most popular term of the series and can be located easily. But its drawbacks or demerits are too big to discard it. It cannot be further treated algebraically also. Median has also the same drawback that it cannot be treated further algebraically; and like mode, value of the whole sum of series cannot be found from its [...]