Average and Types of Averages

“A single value which can represent the whole set of data is called an average”. If the average tends to lie or indicating the center of the distribution is called measure of central tendency or sometimes they locate the general position of the data, so they are also called measure of location.

Desirable Qualities of a Good Average:

An average possesses all or most of the following qualities (characteristics) is considered a good average:
(1) It should be easy to calculate and simple to understand.

(2) It should be clearly defined by a mathematical formula.

(3) It should not be affected by extreme values.

(4) It should be based on all the observations.

(5) It should be capable of further mathematical treatment.

(6) It should have sample stability.

Types of Averages:

Mathematical averages are:

(1) Arithmetic Mean
(2) Geometric Mean
(3) Harmonic Mean
(4) Median
(5) Mode