|
Arithmetic mean (Generally known as
Mean)
|
Geometric mean
|
Median
|
|
The arithmetic mean is calculated by adding up
all the numbers in a data set and dividing the result by the total number of
data points.
|
The geometric mean of a data set is calculated
by multiplying the numbers in the data set, and taking the nth root of the
result, where "n" is the total number of data points in the set.
|
The median of a data set is the middle number
when the set is sorted in numerical order. For odd number of data points,
take the value in the middle. In an even-numbered data set, you take the mean
of the middle two numbers.
|
|
Arithmetic
mean of 10,12,13,200 = (10 + 12 + 13 + 200) / 4 = 58.75
|
Geometric
mean of 10,12,13,200 = 4th root of (10 * 12 *
13 * 200) = 23.63
|
Median
of 10,12,13,200 = (12 + 13) / 2 = 12.5
Median
of 10,12,13,15,200 = 13
|
|
Use
when no outliers
|
Use
when there are outliers
|
When there
is good difference between Median and Mean, then we need to look into the
data set ever deeper... May be there is a need to apply other statistical
methods…
|
Sunday, December 22, 2013
difference between median and geometric mean
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