Merits & Demerits of MODE; Which is theBEST Average- Arithmetic Mean, Median, Mode | CentralTendency

🚩Timestamps:-

00:04 Session Agenda

00:39 Merits of Mode

04:36 Demerits of Mode

09:35 Which is the BEST Average?

15:29 Concluding Remarks

Learning Outcomes:-

Through this module, you will gain understanding on:-

1.    Merits of Mode

2.    Demerits of Mode

3.    Which is the BEST Average

Merits of Mode -

1.    Very simple and popular measure of Central tendency. Sometimes, just a glance at the series is enough to locate the modal value

2.    Less effect of marginal values. Mode is determined only by the value with the highest frequency

3.    Mode can be located graphically with the help of histogram

4.    Mode is the best representative value of the series, Because Mode is that value which occurs most frequently in the series.

5.    Calculation of mode does not require knowledge of all the items and frequencies. It is enough to know the item with highest frequency in the distribution

 

Demerits of Mode -

Principal demerit of mode

= It is difficult to identify modal value in case series are not regular or when different class intervals show the same frequency

1.    Uncertain and vague measure of Central tendency

2.    Not capable of further algebraic treatment

3.    It is difficult to identify the modal value when frequencies of all items are identical

4.    Calculation of mode involves Complex/cumbersome procedure of grouping the data

5.    Modal value is not a representative value of all the items in the series because it ignores extreme marginal frequencies

6.    Doubtful representative character as calculation of mode does not involve all items of the series

 

Which is the BEST Average?

There is no clear answer to It

Different averages are suitable for different situations

 

Arithmetic mean

●     If All values are to be given equal importance

●     Number of variables in a series is very small

●     NOT useful when the value of large number of items in a series is small but that of one or two items is large (in presence of extreme values, mean gets distorted)

●     Greater significance to some items And less to others Depending upon their relative importance (case of Weighted Mean)

 

Median

●     Most of the values are located at the middle of series or are related to qualitative facts

●     When no importance is to be attached to the highest and lowest items of series

 

Mode

●     To identify most frequently occurring value in a series

●     When no importance is to be attached to the highest and lowest items of series

●     NOT suitable when large number of items (or f) in a series are similar to each other

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Merits of Mode, Demerits of Mode, Which is the BEST Average?- Arithmetic Mean Median Mode; Central Tendency | mode class 11 economics, mode formula, mode class 11, mode kaise nikale, what is mode, mode mean median | Measures of Central Tendency: Median and Mode | 11th Commerce | by @statomics11comm

 

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