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I think i finally found a useful reason to use the mode of a set of data rather than the mean... never thought I'd see the day.
@freemo Mode is more common than we think.
For example, we can blindly choose the mode value of a discrete distribution to maximize our profits in betting (when things are very uncertain)
@gokulnc indeed, I tend to use the mode for basically any situation in which you need to weight a single-end bounded contiuous (or discretized for of a continuum) series.
To use your betting example since you cant bet less than 0 one might use the mode of a log-normal distribution to determine the bet amount that should receive the highest weight for consideration in an algorithm for playing a card game. since the mode of a log-normal is the peak and often the mode and mean are not at all near eachother on log-normal distribution as well as most single-end bounded distributions.
