Which among the following is the most commonly used

Solution

·         Mean is regarded as the best of all the averages; it is obtained by adding all the observations and dividing by a total number of observations. It is affected very much by extreme values. ·         Mode is a value in a distribution that occurs most frequently. Mode is not at all affected by extreme values. ·         Median is the middlemost item that divides the group into two equal sides, one side comprising all the greater values and the other is with lesser values. A minute change in the series may bring a drastic change in median value. ·         A geometric mean is an average that shows the central tendency of a set of numbers by using the product of their values. It is based upon all the observations obtained from the population. ·         The harmonic mean is the reciprocal of the arithmetic mean of the reciprocals of the observations. The most important criteria for it are that none of the observations should be zero.