Definition of Mean
Mean is nothing but the
average of a given set of values
Mean = Sum of the Given
Data/Total number of Data
What is Mean in Statistics
A mean is
the simple mathematical average of a set of two or more numbers. The mean for a
given set of numbers can be calculated in more than one ways, including the
geometric mean method, which is the average of a set of products and the arithmeticmean method, which uses the sum of the numbers in the series.
How to calculate mean? In Statistics
There are
different methods of measuring the central tendency of a set of values. There
are multiple types to calculate the mean.
Arithmetic
mean is the total of the sum of all values in a collection of numbers divided
by the number of numbers in a collection.
Formula mean
= add up all the numbers, then divide by how many numbers there are.
Types of Mean
There are
majorly three different types of mean value which you will be studying in
statistics.
Arithmetic Mean
Arithmetic Mean in the
most common and easily under stood measure of central tendency. We can define
mean as the value obtained by dividing the sum of measurements with the number
of measurements contained in the data set and is denoted by the symbol x
Harmonic Mean
Harmonic Mean is also a
mathematical average but is limited in its application. It is generally used to
find average of variables that are expressed as a ratio of two different
measuring units
e. g. Electricity is measured in volts or
watts etc
Geometric Mean
The geometric mean is a
type of average, usually used for growth rates, like population growth or interestrates. While the arithmetic mean adds items, the geometric mean multiplies
items. Also, you can only get the geometric mean for positive numbers.
Comments
Post a Comment