Mode

The mode of a random outcome is the most probable or most likely outcome of any single occurrence of an event. If you look at the distribution of outcome values versus their probabilities, the mode is the value at the peak of the distribution curve. Outcomes tend to cluster around the mode. Many confuse the concept of mode, the most likely outcome of any single event, with expected value, which is the best estimator of outcome considering all possible values and their probabilities. Of course, if the distribution of values is symmetrical about the mode, then the expected value and the mode will be identical.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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