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Q. How to calculate arithmetic average or mean?
Ans.
When people collect information, or data, they can easily be overwhelmed with information. Just imagine listing the birthdays of all the students in your school! One way of making sense of the data is to find the number that represents the information in the best possible way. There are three commonly used ways to measure the central tendency of a set of data; the mean, median and mode.
Mean
The mean, or arithmetic average, of a data set is denoted by . It is the average you have experience working with. Sum up all of the values in the data set and then divide by the number of values.
A company is considering whether to enter a very competitive market. In case company decided to enter in market this must either install a new forging process or pay overtime wages
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