Median: The median of a data set is the value in the middle when the data items are arranged in ascending or descending order. If there are an odd number of items, the median is the value of the middle item. If there is an even number of items, the median is the average of the values for the middle two items.
Consider the below sample of data.
5,6,2,3,4,4,4,5,8,9
Arrange the data in ascending order
2,3,4,4,4,5,5,6,8,9
Median = (4 + 5 )/2 = 4.5
Mode
Definition: The mode of a data set is the value that occurs with greatest frequency or is the value that is repeated most often in the data set.
In the above example 4 is repeated thrice. So 4 is the Mode of the sample data.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
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