What are the types of arithmetic mean?
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Mean in statistics refers to the average of a collection of values. The collection of values can be two or more. It is a measure of central tendency and output typical value in a collection or set of data. In its simplest form, it is the mathematical average derived by adding the values given in a set and dividing it by the number
of values in the set. In finance and probability, a similar concept is known as expected value, a synonym of mean or average value. Mean ExplainedThe mean is one of the simple methods employed in descriptive statistics used to interpret or summarize the given data set and derive relevant information or conclusion about the population or sample of a population represented by the data set. Most of the time, it is imperative to derive an average to understand the overall performance and simplify the statistical calculations. It is also combined with the other central tendency measures like mode and median. These three central tendency measures are equal for a frequency distribution with a symmetrical frequency curve. In the case of a positively skewed distribution curve, the mean is greater than the median, and the median is greater than the mode. When the frequency distribution is negatively skewed, the mode is greater than the median, and the median is greater than the mean. How to Find Mean?Fundamentally, it is the value obtained by dividing the sum of all observations by the number of observations. The Greek letter μ denotes the population means, and X̄ is the symbol for the sample mean. 
Suppose, if a batch of nine people participated in a maths test; each student scored different marks out of 100 as given below:
The average mark is: Sum of all the observations/total number of observations = 522/9 = 58 So, 58 is the average mark. Types of MeanLet’s look into the brief description of a few significant types: Arithmetic Mean (AM)Arithmetic Mean is also referred to as the arithmetic average. It is calculated by summing all the observations and then dividing it by the total number of observations. Geometric Mean (GM)Geometric Mean involves finding the product of all observations or values and calculating the nth root of the product of the observations. The value of n indicates the total number of observations. GM’s calculation method is complex compared to AM, and GM is generally less than the AM. GM is commonly used in investment scenarios and is favorable when the observations in the sample exhibit dependence and significant fluctuations. Harmonic Mean (HM)Harmonic Mean formula and approach are quite different from other averages as the total number of observations or values are divided by the sum of the reciprocal of each observation or value in the set. It is one of the three classical Pythagorean means; the other two are AM and GM. Root Mean Square (RMS)The Root Mean Square calculation starts with finding the AM of squares of the values in the set. Then the square root of the mean square obtained gives the RMS value. Contraharmonic MeanIt is complementary to the HM. It is calculated by dividing AM of squares of the values by the AM of the values. Applications of Mean
Frequently Asked Questions (FAQs)What is mean in math? In math, it is the average value of a given data set or items in quantitative terms. It is determined to arrive at the most common value among all the data or frequencies collected to give out an average value of the scenario. For example, suppose in a classroom of twenty students all scored different marks on a given test; the mean computes the average marks scored by all the students, therefore the class’s average. What is the mean, median, and mode formula? The basic formulas are the following: What is mean corpuscular volume? It is also known as MCV, and the MCV blood test calculates the average size of red blood cells. Recommended ArticlesThis has been a Guide to Mean in Statistics and its definition. We explain its types, examples, synonyms & applications. You can learn more about accounting from the articles below –
What are the types of arithmetic mean Class 11?Types of Arithmetic Mean. Simple Arithmetic Mean.. Weighted Arithmetic Mean.. What are the 3 types of mean?Mean is the most commonly used measure of central tendency. There are different types of mean, viz. arithmetic mean, weighted mean, geometric mean (GM) and harmonic mean (HM).
What are the three methods of arithmetic mean?The arithmetic mean can be calculated using three methods: Direct method, assumed mean method and step deviation method.
How many methods are there in arithmetic mean?There are three methods (Direct method, Short-cut method, and Step-deviation method) to calculate the arithmetic mean for grouped data.
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