CAT Exam > CAT Videos > Quantitative Aptitude (Quant) > Overview: Averages
Overview: Averages Video Lecture | Quantitative Aptitude (Quant) - CAT
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FAQs on Overview: Averages Video Lecture - Quantitative Aptitude (Quant) - CAT
| 1. What is the definition of average? |  |
Ans. An average refers to a calculated central value of a set of numbers. It is also known as mean, which is the sum of all numbers in a dataset divided by the total number of values.
| 2. What is the difference between mean, median, and mode? | |
Ans. Mean, median, and mode are all measures of central tendency used in statistics. Mean is the average of all numbers in a dataset, median is the middle number in a dataset, and mode is the number that appears most frequently in a dataset.
| 3. How is the weighted average calculated? | |
Ans. A weighted average is calculated by multiplying each value by its weight (or importance) and then adding up all the products and dividing them by the sum of weights. For example, if a student has scored 80% in an exam with a weight of 40% and 90% in another exam with a weight of 60%, then the weighted average would be (80 x 0.4) + (90 x 0.6) = 86%.
| 4. What are some real-life applications of averages? | |
Ans. Averages are used in various fields such as finance, sports, healthcare, and education. In finance, stock market indices such as the S&P 500 use the weighted average of stock prices to track market performance. In sports, batting averages in baseball and shooting percentages in basketball are used to measure player performance. In healthcare, averages are used to track patient outcomes and assess treatment efficacy. In education, averages are used to calculate grades and assess student performance.
| 5. What are the limitations of using averages? | |
Ans. Averages have some limitations as they do not provide a complete picture of the data. For example, outliers or extreme values can significantly affect the average. Also, different datasets with the same average can have different distributions and can be misleading. Additionally, if the sample size is too small or the data is not representative, the average may not provide an accurate representation of the population. Therefore, it is important to use other statistical measures and examine the data distribution to get a better understanding of the data.
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Dec 22, 2024 Last updated |
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