The arithmetic mean (or average) is the sum of all values divided by the number of values.
Types of Mean:
- • Simple Mean: For ungrouped data
- • Weighted Mean: For frequency/grouped data
- • Geometric Mean: For multiplicative processes
- • Harmonic Mean: For rates and ratios
Applications:
- • Academic grade calculations
- • Financial analysis and budgeting
- • Quality control in manufacturing
- • Sports statistics and performance metrics