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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 ?
'Even if we are not able to serve them perfectly now, we commit to continuously improve so we can deliver meaningful banking every step of the way,' he added.
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The legislation part of meaningful use is embedded in the American Recovery and Reinvestment Act of 2009 (ARRA), and is baked into the law, Velasco says, adding that it's important not to overreact to Slavitt's remarks.
Expanding on his comments, we'll first point out the change in length of the meaningful use reporting period.
13 meeting of the Health IT Policy Committee, an advisory committee to the Office of the National Coordinator for Health Information Technology, CMS officials reported that 16,455 eligible health care professionals had successfully attested to Stage 2 of meaningful use, while a total of 337,861 had registered for the Medicare meaningful use incentive program.
Also, in states where the Children's Health Insurance Program operates independent of a state Medicaid program, encounters with those patients do not count toward the meaningful use threshold.
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He rejects the conclusion that the existence of God or souls is necessary for meaningful human lives.
LORENA GAXIOLA, THE LUXURY HOME DECOR DESIGNER, HAS MOVED forward with her collection of Meaningful Objects for the Home.