Mathematics is a mixture of useful concepts with different methods and equations to solve a particular question. Starting from an easy part it can go to the most difficult one. Many chapters include tables and charts with bar graphs. The chapter is the most interesting one and upon it, students have fun while solving the tables and numbers by using complex formals. Here we are talking about statistics. The statistic is a method used to summarize the data given in the table by using various formulas and numbers. This mathematics chapter is a whole subject in economics. In economics, it has many other topics related to the particular topic. In mathematics, this chapter has three main concepts to cover, which are finding the 3M which are the mean, median, and mode. Median and mode are the one which has one formula for each series, but mean formula is the one that has many different equations and formulas.

 

Here is the more detailed information about the meaning:

 

  1. Brief description – The sole purpose of a mean is to present a simple and systematic description of the principal features of raw data in the table. The tables are broken into different steps along with that formula which is applied to solve the particular data. As a result, data can be understood easily.
  2. Comparison in the data – Average helps in making a comparison of different sets of data. By doing this, we can also identify that India’s population is increasing and may cross China in some years.
  3. Analyzing the data – With help of the means, the person will be able to analyze the data properly. That helps to get perfect results from the data which the person can explain to others. This analysis will be easy to explain with the points which are made out of it. If a person has to explain the particular situation to a normal person who has no clue about the statistics, this can help them to explain the status simply.
  4. Accept the items – Mean is mainly known – arithmetic mean, where all items of a series are taken as of equal importance. This is known as the average of a particular data. It is based on all the items in the table, it does not ignore any of the numbers in the table. It has to represent the value of different numbers, as an average is a combination of many numbers.
  5. Not suitable for a percentage – Average is taken out in form of numbers while finding the mean, the person may get confused in the terms of percentage or proportionate value of the numbers. It can give different solutions to people and may lead to multiple solutions out of one formula.
  6. Only considered numeric terms – The Mean is calculated when there are numbers given in the table. It does not consider the non-numerical value of the items. That may calculate the quantity of the table but may ignore the qualitative aspect of the table. A person should keep that in mind that means should be only for the algebraic values.
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From the points mentioned, we can say that means is a unique term used in statistics that has multiple qualities and demerits. It is also used, for the measure of central tendency in the term of statistic in economics. It can be different in other wordings, but the sole purpose is the same. That is an enjoyable concept which students find pleasure in solving the chapter. With many tables and equations, it can get confusing sometimes. But consistency is the only thing students can adopt to get the better and desired results. For more information person can visit the website of Cuemath and get all the information about statistics and its terms. People should find this concept interesting and fun.

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