Statistical Aid: A School of Statistics
Learn Statistics and Data Analysis Intuitively!
The Geometric mean is a special types of average where we calculate the root of the product of a value of a set of observations. It is usually used to define various types of growth rates such as population growth, interest rates etc. Formula of geometric mean By definition, the formula is as below, … Read more
The harmonic mean is the inverse of the arithmetic mean of the reciprocals of the observations of a set. It is a type of average generally used for numbers that represent a rate or ratio such as the precision and the recall in information retrieval and can be described as the reciprocal of the arithmetic mean … Read more
When someone says “average,” what’s the first thing that comes to mind? For most of us, it’s the simple act of adding up a bunch of numbers and dividing by how many numbers there are. That intuitive process is exactly what we call the Arithmetic Mean, and it’s by far the most common and fundamental … Read more
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