mean

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Mean

The expected value of a random variable. Arithmetic average of a sample.

Arithmetic Mean Average

An average calculated by adding the value of the points in a data set and dividing the sum by the number of data points. For example, suppose one wishes to calculate the average income of a country with exactly five people in it, and their incomes are $25,000, $26,000, $43,000, $70,000, and $72,000. It is calculated as:

($25,000 + $26,000 + $43,000 + $70,000 + $72,000) / 5 = $47,200.

A limitation to the arithmetic mean average is that it can be overly affected by extremes in either direction. For example, if one of the five persons in the country earns $100 billion per year, the arithmetic mean average income would be in the billions and would not accurately count the other four citizens. For this reason, many analysts use the median in conjunction with the arithmetic mean average. The arithmetic mean average is also called simply the mean.

mean

The average of a set of numbers.Contrast with median,which is the middle figure in a set of numbers,and mode,which is the value that appears most often in a set of numbers.

Example: A survey of home values in a neighborhood of nine houses obtained the following values:

The mean, or average, is the total of all values divided by 9, or $143,044.The median is the middle number when the numbers are all arranged from highest to lowest,which would be house 5, or $139,850.The mode is $139,000,because it is the number that appears most often.

References in periodicals archive ?
STOP THE TRAFFIC: The Blue Meanie will make a special appearance in Liverpool
All the Meanies know about this but we don't do it because it's too easy to get caught.
Mr Meanie considers that arriving in Liverpool aboard a yellow submarine would be beneath him, so he has booked a cabin on one of the world's greatest liners instead.
There will be lots of activities and a seven-foot tallBlue Meanie character who will also be trying to get credit for the Yellow Submarine film from the 1960s.
All of this leads us to believe it's not easy being a green meanie.
After the disaster of the Blue Meanie traffic wardens in Edinburgh, it seems we are to have Green Meanies throughout Scotland.
FORMER James Bond star Sir Sean Connery has been branded a meanie for refusing to share his champagne prize after winning a pool tournament.
The self-controlled meanie takes great exception to Patch's antics at the school's hospital, where the funnyman delights leukemia kids by falling down a lot and wearing a clown nose made from an enema bulb.
And the meanie even saves cash by parking in a private car park.
As for Kathleen, sure, she tells Joe off, but later she feels bad for being a meanie.
Each Meanie critter sells for about $5 and some eventually disappear from the retail market, as has been the successful marketing tactic for other collectible toys.