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Home » Statistics Homework Help » Central Value Measures
Central Value Measures
One of the most important objectives of statistical analysis is to get one single value that describes the characteristic of the entire mass of unwieldy data. Such a value is called the central value or an average or the expected value of the variable. The word average is very commonly used in day-to-day conversation. For example, we often talk of average boy in a class, average height or life of an Indian, average income, etc. when we say he is an average student what it means is that he is neither very good nor very bad, just a mediocre type of student. However, in statistics the term average has a different meaning.

The word average has been defined differently:

Average is an attempt to find out one single figure to describe whole of figures.

An average is a single value selected from a group of values to represent them in some way-a value which is supposed to stand for whole group, of which it is a part, as typical of all the values in the group.

An average is a typical value in the sense that it is sometimes employed to represent all the individual values in a series or of a variable.

The average is sometimes described as a number which is typical for the whole group.

An average value is a single value within the range of the data that is used to represent all of the values in the series. Since an average is somewhere within the range of the data, it is also called a measure of central value.

Some of its main topics are:

1. Arithmetic mean
2. Arithmetic mean open end classes
3. Averaging objectives
4. Geometric mean-continuous series
5. Harmonic mean-continuous series
6. Mode calculation
7. Compound interest formula
8. Median-discrete series
9. Quartiles computation
10. Harmonic mean
11. Median-mathematical property
12. Median
13. Mode
14. Averages relationship
15. Weighted geometric mean
16. Weighted harmonic mean

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