What is meant by Mean values?
The term "averages" refers to metrics that represent a central value within a distribution of data. The most common averages are the arithmetic mean, median, and mode. Averages are used to provide a summary description of data and help identify and compare central tendencies in datasets.
Typical software functions in the area of "averages":
- Calculation of Arithmetic Mean: Determining the average value by summing all values and dividing by the number of values.
- Calculation of Median: Identifying the middle value in a sorted dataset that divides the data into two halves.
- Calculation of Mode: Determining the most frequently occurring value in a dataset.
- Comparison of Averages: Analyzing and comparing averages from different datasets or groups to identify differences and trends.
- Visualization of Averages: Representing averages through charts or graphs for better illustration and interpretation.
- Error Analysis and Outlier Detection: Examining averages for distortions caused by outliers and calculating robustness metrics.
