The average is a numerical figure representing a vast amount of data. A classic example of average is, it is useful in assessing the performance of a class on a specific topic. The average value of a set is the sum of the values divided by the total number of respective values. In cases where values change, an average is also utilized. Deciding based on a single data or a huge number of data is sometimes challenging. The average value is therefore determined, and it allows all values to be represented in one value.
Average is the arithmetical mean; in simple terms, it is the summation of magnitudes of all items present in a collection to the number of items present in that particular collection.
Average = Summation of all items in a collection/ Total number of items
An average of two or more data items is defined as a mathematical average, known as Mean. It is used mostly in statistics and applies to any geometric distribution, binomial distribution, Poisson distribution, etc. In a more scientific and statistical meaning, mean is employed. The mean definition of a particular data set is the average for a certain number of data set. This is the sum of all data values divided by the total number of data values in any given data collection. There are three types of mean, namely Arithmetic mean, Geometric mean, and Harmonic mean.
Similar to the formula of Average, the mean is calculated with the help of the formula mentioned below:
Mean = Summation of the provided data/ total amount of data
Mean is represented by the symbol containing the bar above it. For example, x̄.