Mean is the average value of your data, this is calculated by dividing the sum of your data by the number of entries. Median is the middle value of data entries. The mode will order the data in a way that shows the most repeated entries.

Mean and Median are by far the most used, but they can be misleading. If you were looking at just the mean value of homes in an area, the heavy high and low outliers could skew the results up or down. In this case, you may also want to check the median house values. You may get a more accurate understanding, as the median will put you in the middle of what standard home values are in a given area. Mode is useful in data that contains words. An example that comes to mind is the game show Family Feud. When surveying 100 people, the data gatherers tally the responses and list data by the most frequently used answers. Standard deviation tells you how accurate the data may be, A low deviation means pretty accurate while a high deviation means there is a high risk of the conclusion being flawed.

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