______________ is the most frequently observed data value.

The correct answer is Option 2: Mode

Mode is the most typical value of a series or the value around which maximum concentration of items occurs. For example, a manufacturer would like to know the size of shoes that has maximum demand or style of the shirt that is more frequently demanded. Here, Mode is the most appropriate measure. The word mode has been derived from the French word “la Mode” which signifies the most fashionable values of a distribution, because it is repeated the highest number of times in the series. Mode is the most frequently observed data value. It is denoted by Mo.