The mean, median, and mode are often used by individuals who work in Human Resource departments at companies.

Mode: Real estate agents also calculate the mode of the number of bedrooms per house so they can inform their clients on how many bedrooms they can expect to have in houses in a particular area.Įxample 3: Mean, Median, & Mode in Human Resources.

Median: Real estate agents also calculate the median price of houses to gain a better idea of the “typical” home price, since the median is less influenced by outliers (like multi-million dollar homes) compared to the mean.Mean: Real estate agents calculate the mean price of houses in a particular area so they can inform their clients of what they can expect to spend on a house.The mean, median, and mode are also used often by real estate agents. Mode: Actuaries also calculate the mode of their customers (the most commonly occurring age) so they can know which age group uses their insurance the most.Įxample 2: Mean, Median, & Mode in Real Estate.Median: Actuaries often calculate the median amount spend on healthcare each year by individuals so they can know how much insurance they need to be able to provide to individuals.Mean: Insurance analysts often calculate the mean age of the individuals they provide insurance for so they can know the average age of their customers.The mean, median, and mode are widely used by insurance analysts and actuaries in the healthcare industry.

Example 1: Mean, Median, & Mode in Healthcare The following examples explain how the mean, median, and mode are used in different real life scenarios. Individuals and companies use these metrics all the time in different fields to gain a better understanding of datasets. Mode: The most frequently occurring value(s) in a dataset.Here’s a quick definition of each metric: The mean, median, and mode are three metrics that are commonly used to describe the center of a dataset.

Calculate mean median mode and range