What is the advantages and disadvantages of mean, median and mode?
Mean = Sum of all values / number of values.
Mean is typically the best measure of central tendency because it takes all values into account. But it is easily affected by any extreme value/outlier. Note that Mean can only be defined on interval and ratio level of measurement
Median is the mid point of data when it is arranged in order. It is typically when the data set has extreme values or is skewed in some direction. Note that median is defined on ordinal, interval and ratio level of measurement
Mode is the most frequently occurring point in data. It is best for nominal data set in which both median and mode are undefined. Note that mode is defined on nominal, ordinal, interval and ratio level of measurement