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What is the use of statistical mean in industry?

Updated: 8/17/2019
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12y ago

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For different sets of data, the mean would be the summation of all observations, which are normally subdivided by the observation numbers. The mean value would frequently be quoted with standard deviations: mean would describe data central locations then standard deviations illustrate the spread. Substitute dispersion measures include mean variations that are always equal to average absolute deviations from the mean values. It is minimally responsive to the outliers.

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12y ago
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