- Descriptive Vs. Inferential Statistics
- Types of Measurement Scales
- Parameter, Sample Statistic, and Frequency Distribution
- Relative Frequencies and Cumulative Relative Frequencies
- Properties of a Data Set (Histogram / Frequency Polygon)
- Measures of Central Tendency
- Calculating Arithmetic Mean
- Calculating Weighted Average Mean
- Calculating Geometric Mean
- Calculating Harmonic Mean
- Calculating Median and Mode of a Data Set
- Quartiles, Quintiles, Deciles, and Percentiles
- Range and Mean Absolute Deviation
- Variance and Standard Deviation
- Chebyshev’s Inequality
- Coefficient of Variation
- Sharpe Ratio
- Skewness and Kurtosis
- Relative Locations of Mean, Median and Mode
Calculating Arithmetic Mean
Arithmetic mean is the simple average of all observations and is calculated by adding all the observations and dividing it by the total number of observations.
We can calculate arithmetic mean for both the population and the sample.
This is the arithmetic mean of all observations in the population. The formula for population mean is given below:
This is the arithmetic mean of all observations in the sample of the population. The formula for sample mean is given below:
Notice the difference in notations between the two formulas:
Xi represents the observations in both formulas.
This content is for paid members only.
Join our membership for lifelong unlimited access to all our data science learning content and resources.