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Differentiate mean, median and mode as measures of central tendency of a set of numbers.

Accounting Cost Accounting Forecasting Financial Accounting managerial accounting
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Question added by Lesley Lanag CMA CPA , Senior Accountant , Takaful Emarat Insurance (P.S.C)
Date Posted: 2014/12/01
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VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Mean : Exact Average

Median: The Midmost value of the Distribution.

Mode: The most repeated one.

Lesley Lanag CMA CPA
by Lesley Lanag CMA CPA , Senior Accountant , Takaful Emarat Insurance (P.S.C)

Mean is the average of a set of numbers

Mode is the most frequent figure that occurs in a set of numbers

Median is the halfway value of a set of numbers if they are arranged from highest to lowest or vise versa

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