Calculation of Mean in Individual Series | Formula of MeanWhat is Mean? Mean is the sum of a set of numbers divided by the total number of values. It is also referred to as the average. For instance, if there are four items in a series, i.e. 2, 5, 8, 3, and 9. The simple arithmetic mean is (2 + 5 + 8 + 3 + 9) / 5 = 5.4. What is Individual Series? The serie
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Calculation of Mean in Discrete Series | Formula of MeanWhat is Mean?Mean is the sum of a set of numbers divided by the total number of values. It is also referred to as the average. For instance, if there are four items in a series, i.e. 2, 5, 8, 3, and 9. The simple arithmetic mean is (2 + 5 + 8 + 3 + 9) / 5 = 5.4.What is Discrete Series?In discrete se
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Calculation of Mean in Continuous Series | Formula of MeanThe mean, also known as the average, is a measure of central tendency that summarizes a set of data by identifying the central point. In a continuous series, data is grouped into class intervals, and the mean is calculated differently than in a discrete series. The mean provides a comprehensive over
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Weighted Arithmetic MeanSimple Arithmetic Mean gives equal importance to all the variables in a series. However, in some situations, a greater emphasis is given to one item and less to others, i.e., ranking of the variables is done according to their significance in that situation. For example, during inflation, the price
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