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Updated: Aug 20, 2021

Another form of average used in statistics, though not as common as the mean or the median as its application is of only limited use. It is the value which occurs most frequently in a given series. It might, for instance, be relevant in assessing a set of examination marks. Where the pass mark is 54 the fact that 40 per cent of examinees achieve exactly 53 marks while the marks of the remainder are widely distributed may call into question the state of mind of the examiner or the agreed pass mark, or both.

Reference: The Penguin Business Dictionary, 3rd edt.



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James Knight
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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.