This presentation gives a brief understanding of the statistical and mathematical concept of Mean, i.e. average. Also provides the basic idea about different types of Mean along with the advantages and disadvantages of using the Mean method.

1. ECONOMICS
CONCEPT
MEAN

2. WHAT IS MEAN?
In mathematics and statistics,
the arithmetic mean, or simply
the mean or the average, is the
sum of a collection of numbers
divided by the count of numbers
in the collection. The collection is
often a set of results of an
experiment or an observational
study, or frequently a set of
results from a survey.

3. FORMULAOF MEAN
Mean= Sum of all observations/ Total No. of observations
Or it can also be expressed as
Mean= ∑X/ N
Wherein
∑X = sum of all the individual values
N= Total number of items

4. DifferentTypesOf Mean
There are different types of arithmetic mean and they are as follows:-
Simple Arithmetic Mean
Weighted Arithmetic Mean
Geometric Mean
Harmonic Mean

5. SimpleArithmeticMean

6. Weighted Mean

7. GeometricMean
It is defined as the arithmetic mean of the values taken on a log scale. It is also expressed as the
nth root of the product of an observation.

8. HarmonicMEAN
It is the reciprocal of the arithmetic mean of the observations.

9. Advantagesand disadvantagesof usingMean
MERITS DEMERITS
Rigidly defined.
Easy to calculate and to understand.
Least affected by sampling
fluctuation,
And hence more stable.
The calculation is based purely on
observation.
Can only be used for quantitative
data
Unduly affected by extreme
observations
Cannot be calculated if all
observations are not known.

10. Thank you
A presentation by Anoushka Banerji