Real-World Examples of Mean, Median, Mode in Business & Science

📚 Quick Study Guide

• 🔢 Mean (Average): Sum of all values divided by the number of values. Formula: $\text{Mean} = \frac{\sum x_i}{n}$, where $x_i$ represents each value and $n$ is the total number of values.
• 📊 Median (Middle Value): The central value when data is ordered from least to greatest. If there are an even number of values, the median is the average of the two middle values.
• ⭐ Mode (Most Frequent): The value that appears most often in a dataset. A dataset can have one mode (unimodal), multiple modes (multimodal), or no mode.

🧪 Practice Quiz

1. Which of the following is most affected by outliers?
   1. A. Median
   2. B. Mode
   3. C. Mean
   4. D. All of the above
2. In a company's sales data, which measure would best represent the most common sales figure?
   1. A. Mean
   2. B. Median
   3. C. Mode
   4. D. Range
3. A researcher is studying the heights of plants in a field. What statistical measure would give the 'middle' height?
   1. A. Mean
   2. B. Median
   3. C. Mode
   4. D. Standard Deviation
4. What does the mode represent in a dataset of customer ages?
   1. A. The average customer age
   2. B. The youngest customer age
   3. C. The most frequent customer age
   4. D. The age of the middle customer
5. A biologist measures the wingspans of butterflies. Which measure would they use to find the typical wingspan?
   1. A. Mode
   2. B. Median
   3. C. Mean
   4. D. All of the above
6. A store owner wants to know the most popular shoe size sold. Which measure should they use?
   1. A. Mean
   2. B. Median
   3. C. Mode
   4. D. Range
7. Which of these measures is useful for understanding the 'central tendency' of data, but not how spread out it is?
   1. A. Range
   2. B. Standard Deviation
   3. C. Variance
   4. D. Mode