Arithmetic mean | discrete series | direct method | business statistics

Arithmetic mean | discrete series | direct method | business statistics | mean question solution | MBA 1st

Mean Chapter:

*Mean:*

The mean, also known as the arithmetic mean, is a measure of central tendency that calculates the average value of a dataset.

*Formula:*

Mean = (Sum of all values) / (Total number of values)

*Types of Mean:*

1. Simple Mean (Arithmetic Mean)
2. Weighted Mean
3. Geometric Mean
4. Harmonic Mean

*Calculation Steps:*

1. Add up all the values in the dataset.
2. Count the total number of values.
3. Divide the sum by the count.

*Example:*

Dataset: 2, 4, 6, 8, 10

Mean = (2 + 4 + 6 + 8 + 10) / 5
Mean = 30 / 5
Mean = 6

*Importance:*

1. Represents the central tendency of the data.
2. Helps in understanding the average value.
3. Used in statistical analysis and decision-making.

*Applications:*

1. Business: Average sales, average profit.
2. Economics: GDP growth rate, inflation rate.
3. Social Sciences: Average age, average income.

MCOB MBA Key Terms:

1. Mean
2. Central Tendency
3. Arithmetic Mean
4. Average
5. Statistical Analysis
6. Data Interpretation
7. Descriptive Statistics
8. Inferential Statistics

*Related Concepts:*

1. Median
2. Mode
3. Standard Deviation
4. Variance
5. Range
6. Interquartile Range (IQR)
7. Skewness
8. Kurtosis

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