Introduction:
The mean is a measure of central tendency in statistics that represents the average value of a set of numbers. It is commonly used to summarize a dataset and provide insights into the general trends or tendencies of the data.
Formula of Mean:
The formula to calculate the mean of a set of numbers is as follows:
Mean = (Sum of all numbers) / (Total number of numbers)
Example:
Consider a dataset of numbers: 5, 7, 9, 12, 15. The mean of this dataset can be calculated as follows:
Mean = (5 + 7 + 9 + 12 + 15) / 5 = 48 / 5 = 9.6
Case Study:
In a survey of 100 people’s ages, the mean age was found to be 35 years. This information can be used by organizations to target their products or services towards the age group representing the mean age.
Statistics:
In a study of income distribution, the mean income of a population was calculated to be $50,000. This data point was used to analyze the standard of living and economic disparities within the population.
