A familiar but elusive concept. Generally, an “average” value purports to represent or to summarise the relevant features of a set of values; and in this sense the term would include the median and the mode. In a more limited sense an average compounds all the values of the set, e.g. in the case of the arithmetic or geometric means. In ordinary usage “the average” is often understood to refer to the arithmetic mean.
Tuesday, May 7, 2002
A Dictionary of Statistical Terms, 5th edition, prepared for the International Statistical Institute by F.H.C. Marriott. Published for the International Statistical Institute by Longman Scientific and Technical.
Monday, July 11, 2005
Given a set of numbers [55, 23, 2, 18]. The average value is: (55 + 23 + 2 + 18) / 4 = 49
Let n be the number of values within a set. The average is the sum of all values within the set divided by n.
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