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The mode
- It is one of the measures of central tendency. The mode is defined as a value in a frequency distribution that has the highest frequency. Occasionally a single value may not exist as such whether case we may refer to the class along with the highest frequency. Such a class is identified as a modal class
- The mode is a very significant statistical value in business activities rather often business firms tend to stock specific items such are heavily on demand for illustration footwear, clothes, construction materials or as wires, beams, iron sheets and so on.
- The mode can simply be determined form ungrouped data by arranging the figures provided and determining along with the highest frequency.
- While determining the values of the mode from the grouped data we may employ the given methods as:
i. The graphical method that includes use of the histogram
ii. The computation method that includes use of formula
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