Mean is a measure of central tendency that represents the average value of a dataset.
• It is also known as Arithmetic mean.
• It is calculated by summing all the values in the dataset and dividing the sum by the total number of values.
Arithmetic mean may either be:
- Simple Arithmetic Mean
- Weighted Arithmetic Mean
Simple Arithmetic Mean:
The Simple Arithmetic Mean, often referred to as just the “mean,” is the most common measure of central tendency that represents the average value of a dataset and is calculated by summing all the values in the dataset and then dividing by the total number of values.
For Individual Series:
Direct Method:
