Definition Of Statistics

Statistics is a branch of applied mathematics concerned with collecting, organizing, and

interpreting data. The data are represented by means of graphs. Statistics is also the
mathematical study of the likelihood and probability of events occurring based on known
quantitative data or a collection of data. Statistics, thus attempts to infer the properties
of a large collection of data from inspection of a sample of the collection thereby
allowing educated guesses to be made with a minimum of expense.There are basically
three kinds of averages commonly used in statistics. They are: mean, median, and
mode.

Arithmetic Mean
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What is the 'Arithmetic Mean'

The arithmetic mean is the simplest and most widely used measure of a mean, or
average. It simply involves taking the sum of a group of numbers, then dividing
that sum by the count of the numbers used in the series.

For example, take 34, 44, 56 and 78. The sum is 212. The arithmetic mean is
212 divided by four, or 53.

People also use several other types of means, such as the geometric mean,
which comes into play in certain situations in finance and investing.