Choosing Statistics

Data is typically presented in one or more of the following representations. Choose among the statistical types for the measurement most relevant to your purpose:

  • Mean. The most commonly used means are the arithmetic mean and the geometric mean.

    The arithmetic mean, better known as the average, is calculated as the sum of the values divided by the number of values. The arithmetic mean of a sample {x1,x2,...,xn} of n observations, can be expressed as follows:

    An arithmetic mean is appropriate for handling multiple values of the same kind, such as repeated measurements of the response time for a stock inquiry.

    The geometric ...

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