What is the actual use of the median and mode in statistics compared to the average (mean)?
In: Mathematics
One example is if you have a wide range with a few outliers that would fuck up your data point. For example for average income or net worth. Because of a few billionaires tossed in the average would be way higher so you would go with one of the other two for a more accurate representation of the data set. Can’t you there is ways to calculate if you should include an outlier or not.
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