About Mean Formula
One of the most significant and widely used measurements of central tendency is the mean. In mathematics, there are various sorts of means. The mean of a set of observations is equal to the sum of all the values in a collection of data divided by the total number of values in the data in statistics. To put it another way, we may calculate the mean by adding all the values in a data set and dividing by the total number of values. The general procedure and formulas, however, differ depending on whether the data is grouped or ungrouped.
Ungrouped data is a random set of observations, whereas grouped data is a data set generated by aggregating individual observations of a variable into different groups.
What do you mean by Mean in Statistics?
Mean is a statistical concept with significant financial implications that are used in a variety of financial sectors and business appraisals. The three statistical measures of the central tendency of data are mean, median, and mode.
Mean Definition: The mean is the average or computed centre value of a group of numbers used to determine the central tendency of the data. The statistical measure of central tendency assigns a single value to the entire collection of data or distribution. It provides a detailed description of the information. In statistics, the mean can also be defined as the ratio of all observations to the total number of observations.
⇒ Given a data set, X=x1,x2,...,xn the mean (or arithmetic mean, or average), denoted x? is the mean of the n values x1,x2,...,xn.
The mean is represented by the symbol x-bar, x.
In actual life, here are some examples of mean:
The average number of runs a cricketer has scored in test matches.
Real estate brokers assess the average price of houses in a given area.
Average Formula
The Sum of observations divided by the total number of observations is the mean formula in statistics for a set. The formula for calculating the mean will be useful in resolving the bulk of mean-related problems.
Mean Formula for Ungrouped Data:
The mean formula for a set of given observations can be expressed as:
Mean = (Sum of Observations) ÷ (Total Numbers of Observations)
Mean Formula for Grouped Data:
Similarly, we have a mean formula for grouped data, which is expressed as
- x? = Σfx/Σf
- where,
- x? = the mean value of the set of given data.
- f = frequency of each class
- x = mid-interval value of each class
- Hence, the average of all the data points is termed as mean.
Check out the list of all Maths Formulas on one page prepared by experts.
Download the pdf of Mean formula
