Mean, Median, and Mode

The mean or average of a set of values is the result of adding up all the values and dividing by the number of values.  The mean is particularly handy when values are about as likely to fall above as below the average, such as peoples’ heights or the average transaction amount at a retailer or service wait times.  The mode is the most frequent value in some set.  Using mode makes sense when items are discrete things and not mathematical quantities.