Average: Detailed Notes, Examples, and Practice Questions
Average: Detailed Notes, Examples, and Practice Questions 1. Simple Average (Arithmetic Mean) Definition The simple average (arithmetic mean) is the sum of all values divided by the number of values. Formula Average = Sum of all values Number of values Average = Number of values Sum of all values Example If the ages of 5 children are 8, 10, 12, 14, 16, Average age = 8 + 10 + 12 + 14 + 16 5 = 60 5 = 12 Average age = 5 8 + 10 + 12 + 14 + 16 = 5 60 = 12 2. Weighted Average Definition A weighted average is an average where each value is multiplied by a weight reflecting its importance or frequency. It is especially useful when combining groups with different sizes or importance 2 3 4 6 7 . Formula Weighted Average = ∑ i = 1 n w i x i ∑ i = 1 n w i Weighted Average = ∑ i = 1 n w i ∑ i = 1 n w i x i Where: x i x i = value of each observation w i w i = weight of each observation Ste...