Mean, mode, Median are the measures of Central Tendency within a distribution of numerical values. They can be used in the healthcare business by Insurance Analysts and Actuaries and Real estate agencies.
Mean is average of the data whereas median is the midpoint in a distribution of values and mode is value that occurs more frequently.
Application in Healthcare industry
* Insurance analysts often calculate the mean age of the Individuals to provide insurance.
* Actuaries also calculate the median amount spend on healthcare each year by the individual.
* Actuaries calculate the mode of their customers ( the most commonly occurring age) so they can know which age group.
Application in Real estate agencies
Real estate agent calculate mean price of houses in a particular area so that they can inform their clients what they can expect to spend on houses
Median price of the houses is calculated to get better idea of the typical home price
Mode of number of bedrooms per house is also calculated to inform the clients , how many bedrooms they can expect to have in the houses.
