Mean
It is the average of a group of numbers and is computed by summing all numbers and dividing by total numbers.
Advantages
1) Easy to understand.
2) Simple to compute.
3) Based on all the observation.
4) Uniquely defined.
Disadvantages
1) Affected by extreme value.
2) Unable to compute mean for open-ended clases.
3) Tedious to compute.
Median
It is the middle value in an ordered array of numbers.
Advantages
1) Extreme values do not affect the median.
2) Easy to understand.
3) Calculated from any kind of data with open-ended classes unless median follows in that class.
4) Can be used even for qualitative descriptions.
Disadvantages
Median is the value at average position. So array (ascending or descending order) is required prior to calculation, which is time consuming.
Mode
It is the most frequently occurring value in a set of data. It can be classified as Uni-modal, Bimodal and Multi-Modal
Advantages
1) Extreme values do not affect the mode.
2) Easy to understand.
3) Calculated from any kind of data with open-ended classes
4) Can be used even for qualitative descriptions.
Disadvantages
If it is bimodal or multi-modal, it can create confusion in taking decision as two or more options are available.
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