What are the key differences between mean, median, and mode in skewed data?
Understanding the nuances of statistical measures is crucial when you're dealing with skewed data. Skewness, a measure of asymmetry in your data distribution, can significantly affect the mean, median, and mode. These three measures of central tendency each tell a different story about your data. When data skews, either to the right (positively) or left (negatively), these measures can lead to different interpretations and insights. It's important to recognize how skewness influences their values to make informed decisions based on your data analysis.