1) Does all statistical datahave a mean, medianor mode? Why? When is the mean the best measure of central tendency? When is the median the best measure of central tendency? Investigate a businessdata and then calculate mean, median and mode.
Please provide a response explaining thoroughly.
In most cases, data have mean and median. There are rare theoretical cases where the mean and median do not exist (for example, the cauchy distribution does not have a mean, and an infinite set does not have a median, these are beyond the content of this question), but for most practical cases, they do exist. However, not all data have a mode. For example, the set 1,2,3,4,5,6,7,8,9,10 …
Does all statistical data have a mean, median or mode?