Method 2: Reporting The Wrong Average
There are 3 common averages: mean, median and mode. In some cases, the result of all 3 is the same number but in most cases the numbers are very different!
The Median (middle number) tells you more about the situation. On the left of this number is 50% of the sample on the right is the other 50% of the sample. Thus gives a good overview of what's happening as a whole.
But marketers normally report using the mean (the sum of all numbers divided by the number of units in the sample).
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Similar ideas to Method 2: Reporting The Wrong Average
The kind of average
There are three common kinds of average:
- Mean. Add up all the values and divide by the quantity of the values.
- Median. The value in the middle of the sample.
- Mode. The most common value.
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