Arithmetic Mean - Measures of Central Tendency, Business Mathematics & Statistics

# Arithmetic Mean - Measures of Central Tendency, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com

115 videos|142 docs

## FAQs on Arithmetic Mean - Measures of Central Tendency, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com

 1. What is the arithmetic mean?
Ans. The arithmetic mean, also known as the average, is a measure of central tendency that is calculated by summing up all the values in a dataset and dividing it by the total number of values.
 2. How is the arithmetic mean useful in business mathematics and statistics?
Ans. The arithmetic mean is widely used in business mathematics and statistics as it provides a representative value that summarizes a dataset. It helps in analyzing and interpreting data, making predictions, and making informed business decisions.
 3. Can the arithmetic mean be influenced by outliers?
Ans. Yes, the arithmetic mean can be influenced by outliers. An outlier is an extreme value that significantly differs from the other values in a dataset. If there are outliers present, they can skew the arithmetic mean, making it less representative of the overall data.
 4. What are the limitations of using the arithmetic mean as a measure of central tendency?
Ans. While the arithmetic mean is a commonly used measure of central tendency, it has certain limitations. It can be sensitive to outliers and may not accurately represent a skewed distribution. Additionally, it may not provide a complete picture of the data if there are extreme values or if the dataset is not normally distributed.
 5. How can the arithmetic mean be used to compare different sets of data?
Ans. The arithmetic mean can be used to compare different sets of data by calculating the means of each set and comparing them. By comparing the arithmetic means, one can assess the average values of the data sets and make comparisons based on the magnitude of the means. However, it is important to consider other measures of central tendency and the nature of the data before drawing conclusions.

115 videos|142 docs

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