Introduction
Mean is a statistical measure that represents the average of a set of numbers. It is commonly used in various fields such as mathematics, economics, and science to analyze data and draw conclusions.
Mean Formula
The mean of a set of numbers is calculated by adding all the numbers together and then dividing the sum by the total number of values in the set. The formula for calculating the mean is:
Mean = (Sum of all values) / (Total number of values)
Example
Let’s say we have a set of numbers: 2, 4, 6, 8, and 10. To find the mean, we add all the numbers together: 2 + 4 + 6 + 8 + 10 = 30. Then we divide the sum by the total number of values, which is 5. Therefore, the mean is 30/5 = 6.
Case Study
In a survey conducted among 100 people to determine their monthly income, the mean monthly income was found to be $5000. This information can be used by businesses to target their products/services to this income bracket.
Statistics
In a study on the average height of adults in a certain region, the mean height was calculated to be 5 feet 8 inches. This data can be used by clothing manufacturers to design clothes that fit the average height of the population.
