Forgive my high-school level mathematics but say I have the following dataset:
[2, 3, 4, 5, 6, 6.5, 7, 7.5, 8.5, 9.5]
I want to know what value is most likely to occur in this given dataset. I would typically be after the mode value but each value has a frequency of 1. The mean is 5.9, but I don't believe that is the most probable value.
[6, 6.5, 7, 7.5] are the more interesting subset of values as they are closer in value compared to the rest of the set. However there are 4 values below that subset and 2 values above. So logically I would say I'm looking for a value around
A solution would be to round the values to:
[2, 3, 4, 5, 6, 7, 7, 8, 9, 10] giving a mode of
7 - or
6.75 if I average the original values.
I'm sure there's a mathematical formula or algorithm that I'm unaware of to find the most likely value of a given dataset. What would be the best approach to solving this?