What are the important types of Arithmetic Mean?

It is the most widely used measure for representing the entire data. It is average value of all items of a series. It is also called Mean.

For example if we record ages of persons and those are 25, 22, 18, 16, 17, 22, 23, 25, 19, 18, then Mean of these 10 values of the age variable will be given by Definition. "Arithmetic mean is defined as sum of the different values of an item of a series divided by total number of items."

Types of Arithmetic Mean

Arithmetic mean is of following two types.

1. Simple Arithmetic Mean:

In simple arithmetic mean, all items of a series are given equal importance.

2. Weighted Arithmetic Mean:

Under weighted A.M. different items of the series are assigned weights according to their relative importance.

Methods of Calculating Arithmetic Mean

Arithmetic mean can be determined by the following series. (i) Individual Series (it) Discrete Series and (Hi) Continuous Series. Let us study these three series one by one.