Relations among AM, GM and HM - Measures of Central Tendency, Business Mathematics & Statistics

# Relations among AM, GM and HM - Measures of Central Tendency, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com

115 videos|142 docs

## FAQs on Relations among AM, GM and HM - Measures of Central Tendency, Business Mathematics & Statistics Video Lecture - Business Mathematics and Statistics - B Com

 1. What are AM, GM, and HM?
Ans. AM stands for Arithmetic Mean, GM stands for Geometric Mean, and HM stands for Harmonic Mean. These are measures of central tendency used in statistics to describe the average or typical value of a set of numbers.
 2. How do you calculate the Arithmetic Mean (AM)?
Ans. To calculate the Arithmetic Mean, you need to sum up all the values in a set and then divide the sum by the total number of values. For example, if you have the numbers 2, 4, and 6, the Arithmetic Mean would be (2 + 4 + 6) / 3 = 4.
 3. What is the difference between Geometric Mean (GM) and Arithmetic Mean (AM)?
Ans. The Geometric Mean is the nth root of the product of n numbers, while the Arithmetic Mean is the sum of n numbers divided by n. The Geometric Mean is used to find the average growth rate or ratio, while the Arithmetic Mean provides the average value.
 4. How is the Harmonic Mean (HM) different from the Arithmetic Mean (AM)?
Ans. The Harmonic Mean is the reciprocal of the arithmetic mean of the reciprocals of a set of numbers. It is used when dealing with rates and ratios, such as average speed. The Harmonic Mean is always the smallest of the three means (AM, GM, HM).
 5. When should I use the Harmonic Mean (HM) instead of the Arithmetic Mean (AM)?
Ans. The Harmonic Mean should be used when dealing with rates or ratios, such as average speed or average cost per unit. It gives more weight to smaller values in the data set, making it useful in situations where low values have a significant impact on the overall average.

115 videos|142 docs

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