Advantages And Disadvantages Of Arithmetic Mean PdfBy Antia V. In and pdf 17.05.2021 at 22:52 7 min read
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- Advantages and Disadvantages of Mean
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- Arithmetic Average Advantages and Disadvantages
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Advantages and Disadvantages of Mean
Mean is a concept used in the context of statistics, it is also known as the arithmetic mean. Arithmetic mean is sum total of numbers present in the collection divided by the number of numbers present in the collection.
For example if there are 5 people whose weight are 30,40,50,60 and 70 pounds, now if one has to find the mean weight of this group than it will be calculated as sum total of weight of the group which is and then it will divide by the number of people which is 5 than the mean weight of this group will come to 50 pounds.
In order to understand more about this concept one should look at the advantages and disadvantages of mean. The biggest advantage of mean is that all the data is taken into account for calculating mean of the data and hence no data is left out which results in mean having the representation of all the data and therefore it will be giving accurate results.
Another advantage of mean is that it is very easy to understand and calculate and therefore any individual having basic mathematics knowledge can understand and compute the mean from available data. Another benefit of mean is that it gives a finite figure for any kind of data and also it is least affected by fluctuations of sampling and therefore one does not get confused as the result is in a finite form capable of analysis for the end user.
The biggest disadvantage of mean is that extreme values can result in wrong calculation of mean because suppose in the above example if 60 and pounds is replaced by and pounds than the mean figure of 94 pounds will be wrong as 2 extreme values has changed the whole mean figure and therefore not truly representing the correct picture about the data.
If the data under consideration is too large than it is not feasible to compute mean of all data as it will be time-consuming and also not practical and therefore mean cannot be used for very large data.
Hence if there are millions of data points then naturally calculation of mean will not be possible for such large data. If the data is in the form of percentage or ratios than it will be very difficult to calculate mean of such data and therefore it is very difficult to use for those data which are in the form of ratios or percentage.
As one can see from the above that arithmetic mean have pros, as well as cons and anyone thinking of using this analysis, should carefully read above points and then take the decision because interpretation about the data only on the basis of the arithmetic mean can lead to wrong decision.
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In statistics, a measure of central tendency is a single value or number that attempts to describe or represent a set of data by identifying the central position within that set of data. We are able to use a single value or number that attempts to describe or represent a set of data because most data tend to cluster around central points. For example: It would be difficult to tell how a class performed by looking at a long list of hundred scores. On the other hand, by applying the measures of central tendency — the mean, median or mode, we could get a typical or single number which would give us a better idea of the students performance. It would also help us compare this class with other classes. The average is another term for the mean — a measure of central tendency. Measures of central tendency are sometimes called measures of central location.
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Advantage 1: Fast and easy to calculate. Advantage 2: Easy to work with and use in further analysis. Disadvantage 1: Sensitive to extreme values. Disadvantage 2: Not suitable for time series type of data.
Arithmetic Average Advantages and Disadvantages
The term "arithmetic mean" is preferred in some contexts in mathematics and statistics, because it helps distinguish it from other means , such as the geometric mean and the harmonic mean. In addition to mathematics and statistics, the arithmetic mean is used frequently in many diverse fields such as economics , anthropology and history , and it is used in almost every academic field to some extent. For example, per capita income is the arithmetic average income of a nation's population. While the arithmetic mean is often used to report central tendencies , it is not a robust statistic , meaning that it is greatly influenced by outliers values that are very much larger or smaller than most of the values. For skewed distributions , such as the distribution of income for which a few people's incomes are substantially greater than most people's, the arithmetic mean may not coincide with one's notion of "middle", and robust statistics, such as the median , may provide better description of central tendency.
Mean is a concept used in the context of statistics, it is also known as the arithmetic mean. Arithmetic mean is sum total of numbers present in the collection divided by the number of numbers present in the collection. For example if there are 5 people whose weight are 30,40,50,60 and 70 pounds, now if one has to find the mean weight of this group than it will be calculated as sum total of weight of the group which is and then it will divide by the number of people which is 5 than the mean weight of this group will come to 50 pounds. In order to understand more about this concept one should look at the advantages and disadvantages of mean.
It can be easily calculated; and can be easily understood. It is the reason that it is the most used measure of central tendency. Fluctuations are minimum for this measure of central tendency when repeated samples are taken from one and the same population.
Arithmetic average, or arithmetic mean , or just mean , is probably the simplest tool in statistics, designed to measure central tendency in a data set which can be a group of stocks or returns of a stock in particular years.
Weighted Arithmetic Mean
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