Final answer:
The EXCEL function to find the most frequently occurring value in a data set is the MODE function. The mode can show if a set is bimodal when multiple values have the same highest frequency. Frequency, relative frequency, and cumulative relative frequency are related concepts that help in analyzing the distribution of data values.
Step-by-step explanation:
The EXCEL function to calculate the most frequently occurring point in a data set is MODE. The mode represents the value that appears with the highest frequency within a given data set. Another measure of central tendency is the mean, which can be calculated by multiplying each distinct value by its frequency and then dividing by the total number of data values, this is represented as x bar. It's important to remember that if there are multiple values with the same highest frequency, the data set could be considered bimodal. Frequency is simply the count of how many times a particular value occurs within the set.
When determining the frequency of each value, you can also calculate relative frequency, which is the proportion of the total number of data values that a single value represents. If analyzing cumulative data, cumulative relative frequency can provide insight into the number of values that fall below a certain threshold within the data set.