Average value of a characteristic is the one central value around which all other observations are dispersed. In any large series, nearly 50% observations lie above while the remaining 50% lie below the central value. It indicates how the values lie near the center. In other words, it is a measure of central tendency or concentration of all other observations around the central value.
This topic covers: Mean, Median, Mode, Calculation of Mean, Essential points to be noted in calculation of mean, Calculation of Median, Dispersion, Factors qualify mean to be the best measure of central tendency, Factors qualify Median to be the best measure of central tendency and Factors qualify Mode to be the best measure of central tendency. Scope of descriptive statistics and Inferential inferential Statistics.