Overview
The mean (specifically the arithmetic mean) is the most common measure of central tendency. It represents the 'center' of a dataset by balancing all values.
Calculation
Sum of all values / Number of values.
Characteristics
- Sensitive to outliers (extreme values can significantly pull the mean).
- Used extensively in further statistical calculations like variance and standard deviation.
Variations
- Weighted Mean: Giving different weights to different values.
- Geometric Mean: Used for sets of positive numbers that are interpreted according to their product.