Arithmetic Mean

Mathematically, arithmetic mean of a number of observations is the sum of the values of all the observations divided by the total number of observations. If x1, x2, x3, x4,…, xn are n observations, then their mean in general denoted by ẋ is given by: ẋ = [x1, x2, x3, x4,…, xn]/n In general, mean, arithmetic mean and average mean are the same. Grouped data is also called continuous data which has well defined classes of data. Mean of any set of observations can also be defined as their sum divided by the total number of observations. We have three methods for the calculation of mean of grouped data. These are 1. Direct Method, 2. Assumed Mean Method, 3. Step-Deviation Method. Assumed Mean: Assumed mean is the value that is assumed as the mean that helps to find the exact mean of the data. Central Tendency: A number or a quantity which is representative of a set of data is called central tendency. Class Mark: The average of the values of the class limits for a given class is called class mark. Arithmetic mean is used for averaging cost, sale and profit in business. Keywords: Arithmetic Mean, Mean of Ungrouped frequency Distribution, Mean of Grouped Data, Methods of calculation of mean of grouped data

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