![]() We have grown leaps and bounds to be the best Online Tuition Website in India with immensely talented Vedantu Master Teachers, from the most reputed institutions. Vedantu LIVE Online Master Classes is an incredibly personalized tutoring platform for you, while you are staying at your home. Find the mean for the following frequency table: The Geometric Mean is most useful when the observations are dependent on each other or they have large fluctuations. In finance, it is used to calculate the average growth rates. It is used in the field of finance and social sciences. The Geometric Mean indicates the central tendency using the product of the observations rather than their sum(which is used in calculating Arithmetic Mean). ![]() (example- average speed when the duration of several trips is known). ![]() ![]() It is quite useful in Physics and has many other applications Harmonic Mean is calculated by dividing the total number of observations by the reciprocal of each observation. Then calculate the product of each observation and its corresponding weight. The weighted mean is useful in situations when one observation is more important than others.Ĭase 1- When the sum of weights is 1- Simply multiply each weight by its corresponding value and sum it all up.Įxample- In the previous example, let us assume that w=0.2 for all the observations, then the weighted mean is- W_mean= (0.2*1)+(0.2*3)+(0.2*5)+(0.2*7)+(0.2*9)=5 which is the same as Arithmetic Mean but if we change the weights then the mean also changes.Ĭase 2- When the sum of weights is not equal to 1- In this case it is beneficial to make a table that shows each weight against each observation. 2 Cases arise while calculating Weighted Mean. Weighted mean is almost the same as Arithmetic Mean, the difference being that in weighted Mean, some values contribute more than the others. Thus x=25 in this case and n=5 so the mean comes out to be 5 The Arithmetic Mean is computed as (x/n) where n is the number of observations which is equal to 5 in this case. Generally, if the mean is mentioned without any adjective, it is assumed to be Arithmetic Mean.Įxample- We have a set of observations-x=1,3,5,7,91,3,5,7,91,3,5,7,9. In detail, the types of mean are explained although most of them are out of scope for elementary StatisticsĪrithmetic Mean is the average of all the observations. The above definition is of Arithmetic Mean, one of the many types of Mean. There are three methods of taking out averages – or mean in this case – and they are: direct method, assumed mean approach and step deviation method. ![]() The mean is basically the summation of all the values in the set of data after it is divided by the total number of values in the set of the data. The mean or average is beneficial to property and one of the most significant, easy and most used calculations out of all the three central tendencies. “Mean” and “average” are just two different terms for the same property of a data set. These are three different properties of data sets that can give us useful, easy to understand information about a data set to see the big picture and understand what the data means about the world in which we live. Mean, median and mode are some of the measures of central tendency. ![]()
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