Mean Flashcards
1
Q
What are the 2 types of mean
A
Geometric and weighted
2
Q
What is the geometric mean
A
The nth root of the product of n values
3
Q
What would the calculation be for the geometric mean for 5, 7 and 12
A
3 root 5 * 7 * 12 = 7.49
4
Q
What is the weighted mean
A
One where each data value is multiplied by a number (the weight) based on importance
5
Q
Why is the geometric mean commonly used
A
For growth rates such as population growth or interest rates
6
Q
What’s the equations for weighted mean
A
total of wx / total of w
