What is the impact of sample size on the reliability of mean, median, and mode?
Understanding the influence of sample size on statistical measures is crucial in data analytics. When you collect data, the mean, median, and mode are fundamental descriptors of your dataset. However, the reliability of these measures can vary significantly with the size of the sample. A larger sample size generally offers a more accurate representation of the population, leading to more reliable measures of central tendency. Conversely, a small sample can be easily skewed by outliers or may not capture the diversity of the population, leading to potentially misleading conclusions. Let's delve into how sample size impacts the reliability of mean, median, and mode, and what you should consider when analyzing your data.