April 2024
Intermediate to advanced
824 pages
36h 45m
English
Content preview from Business Statistics
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96 Business Statistics
3.6.8.1 Merits
1. It is easy to understand and calculate. It can be detected by a mere look at the graph.
2. It is very useful in industries.
3.6.8.2 Demerits
1. It is not based on all the observations.
2. When data sets contain two, three, or many modes, they are difcult to interpret and compare.
3. It is neither based on all the observations nor is it suitable for algebraic treatment.
3.6.9 An Empirical Relation Between Mean, Median, and Mode
The relationship between mean, median, and mode depends upon the shape of the frequency curve; in
other words, the relationship between mean, median, and mode depends upon the ...