Business Statistics

112 Business Statistics

of each value with respect to the overall total. Geometric mean is the

nth root of the product of n items of a series. Geometric mean is use-

ful in calculating the average percentage increase or decrease. Har-

monic mean of any series is the reciprocal of the arithmetic mean of

the reciprocal of the variate. It has specic applications in the com-

putation of average speed, average price, average prot, etc. under

various conditions.

Arithmetic mean, geometric mean, and harmonic mean are

mathematical in nature and measures of the quantitative charac-

teristics of data. To measure the qualitative characteristics ...