FIEQA NIESA
Bachelor of Arts (Honours) Accounting and Finance
Bachelor of Commerce majoring in Accounting
QUANTITATIVE METHOD FOR BUSINESS
MEAN
Concept
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Mode is the most frequent score in a set of data. It is also one measure of location. Besides, in a discrete probability distribution, mode is the value of x at which its probability mass function takes its maximum value. However, the mode of a continuous probability distribution is the value of x at which its probability density function has its maximum value.
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Mode
Real Life Application
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Comparison of data can be made using mean. For instance, a teacher wants to compare the number of books that have been read by her Form 5 Dinamic and Form 5 Mars students. Therefore, she can use mean number of books that the students of each class have read to compare which class has read more books.
Concept
Mean or average equal to the sum of all the values in the data set divided by the number of values in the data set. It is also a well known measure of location. Besides, it can be used with both discrete and continuous data. However, it is oftenly used with continuous data.
Real Life Application
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Mode is commonly used for categorical data to know which is the most common category. For example, mode can be used to know what is the most commonly used transport between car, motocycle, train and car. If car has the highest frequency, then car is the mode for this data.
Throughout this group assignment, I learn that working in group has a lot of benefits. It makes work become more efficient and effective. This is because working in a team can reduce the energy and time used. Moreover, more ideas can be shared among the group members. In fact, workloads can also be shared which make works more easily.
working Experience