TD-Central Tendency?From a business perspective, which measurement is more important the Mode, the Mean, or the Median? Provide examples (business related) that demonstrate the appropriateness of one of these measures and the inappropriateness of the other two in a particular situation. Can you think of situations where another one of the measures is more appropriate or relevant?In what I discovered within business statistics, the mean is most prevalent to use in calculating costs or price. It seems to be the most commonly used measure of central tendency. This is where we are talking about the average of selected data. The median is used only when seeking the middle, not the average, of a range of data points. Mode is the most frequently occurring value in the set of data. One business example I discovered is the cost analysis of patients within health care trials. A study was done called "Analysis and interpretation of cost data in randomised controlled trials
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Mean, Cost Data, Simple Average Cost, arithmetic mean cost