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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.


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 ?
Leigh Hunt, a business adviser with Technology Means Business accreditation and manager of the Business Resource Centre, said: "Being a competitive business means keeping up to date with the way technology changes.
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And internet guru Jacqueline Doherty, whom we profiled in our very first Scotland Means Business, returns to write for us.
WELCOME to Scotland Means Business, the Daily Record's quarterly magazine for budding entrepreneurs and people in business.
South Tyneside Means Business has three offices in South Shields, Hebburn and Jarrow where people can seek advice on starting their business.
In this and every issue of Scotland Means Business we'll also provide a mix of essential guides and information to help aspiring entrepreneurs get up and going on their own.
Liz said: "I originally found out about the course through a South Tyneside Means Business event and it caught my interest.
Scotland Means Business will cover a wide range of topics relating to getting started in business or moving up a gear if your plans are at an early stage.
Integration with WebRules means business analysts can start with a standard library, then customize the attributes to improve their organization's credit quality.
The scenes mirrored ads for South Tyneside Means Business and marked the launch of a campaign to promote a pounds 16.
On the contrary, it will say that Los Angeles really means business.