Business Math Terms
- Data Set a collection of related values.
- The Mean is the mathematical average of your data set.
- Median is a basic statistic that describes a different type of average. It represents the "middle" of a data set, with half its numbers higher than the median and half lower.
- Mode represents the value or values that occur most often in a data set. (If no value occurs more than once, the data set is said to have no mode.)
- Range describes the degree of variety in your data set. A large range indicates a more varied data set, while a small range indicates the data is very similar.
Finding the Mean of a Data Set :
Mean = (sum of values)/(number of values)
Finding the Median of a Data Set:
Median = (sum of middle values)/2
Finding the Mode of a Data Set:
Mode = Value that appears most often in the data set
If no value appears more than once, the data set has no mode
Finding the Range of a Data Set:
Range = largest value – smallest value