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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 ?
A Jomast spokesperson told The Gazette: "Jomast is endeavouring to finalise arrangements with Mears on a basis which will minimise the relocation of service users."
"One of us would make it and the other would do something silly like a weird mishap," Mears said.
In a statement read out to the court PC Mollie Woodham of South Wales Police said she was on duty on Friday, June 22, when she received a call at about 1.30pm notifying her that a Vauxhall Astra registered to Mr Mears had been discovered near Cefn Onn Park in Lisvane.
Mark Soave, Unite's officer for London, said: "The arrogance of Mears is hair-raising.
Mears said in interview he believed the road was clear and that he "froze" when he saw the oncoming car.
A care worker in Sefton told the ECHO many of those who receive home care had been told they must find a new provider within 28 days after Mears Group announced it was pulling out of the contract.
The enterprise value of GBP 9.0m is on a debt-free basis, assumes a normal level of working capital and is funded from Mears' existing banking facilities.
Judged by many collectors to be the most important Michael Jordan jersey to have ever entered the market, MEARS Auctions is featuring the actual shirt he wore during the 1998 NBA Finals.
Recently Mears completed an HDD installation under the Susquehanna River in Pennsylvania that required 12-inch steel product pipe drilled at a length of 4,100-feet for a new gas line, owned by UGI Corp.
Following the assessment Mears will then discuss, repair or refer you on to an organisation that can help.
The Mears Taxi app allows users to request taxicab services directly from their smartphones.
For the acquisition, Mears has placed 6.37 million new Ordinary Shares in Mears through a cash placing of 3.74 million new Ordinary Shares and a vendor placing of 2.63 million new Ordinary Shares at 310 pence per share to raise a total of about 19.7 pounds million before expenses.