BASIC STATISTICS
Concept Simple Explanation Real-Life Example
Mean The sum of all values divided by the totalThe average marks of students in a class. If
(Average) number of values. five students score 60, 70, 80, 90, and 100, the
mean is (60+70+80+90+100)/5 = 80.
Median The middle value in a sorted list of If five people earn ₹10K, ₹15K, ₹20K, ₹25K,
numbers. and ₹50K, the median salary is ₹20K because
it's in the middle.
Mode The most frequently occurring number in In a shoe store, if size 8 is sold the most, then
a dataset. size 8 is the mode of shoe sizes.
Standard Measures how much the values in a Stock Market: A stable stock has a low SD
Deviation dataset deviate from the mean. A high SD (prices stay close to the average), while a
(SD) means the values are spread out; a low SD volatile stock has a high SD (prices fluctuate a
means they are close to the mean. lot).
Variance The square of the standard deviation; In a cricket match, if a player's scores vary a
measures data spread. lot, the variance is high, meaning
inconsistency.
Geometric The nth root of the product of n values. Investment returns: If a stock grows by 10%,
Mean (GM) Used for percentage-based growth. 15%, and 20% over 3 years, GM is better than
AM to find the average return.
Harmonic The reciprocal of the arithmetic mean of Average Speed: If a car travels 60 km at 40
Mean (HM) reciprocals. Used in rate-based problems. km/h and 60 km at 60 km/h, HM gives the
correct average speed rather than AM.
BASIC STATISTICS
Empirical A formula linking mean, median, and Used in exam score analysis to predict the
Formula mode: Mode = 3(Median) - 2(Mean) most common score.
Weighted An average where some values have more GPA Calculation: Different subjects have
Mean importance (weight). different credits, so a weighted mean is used
instead of a simple average.
BASIC STATISTICS
Concept Formula Example Sum Real-Life Example
Mean ∑𝑿
Mean = 𝑵 Find the mean of 10, 15, 20, 25, 30. Exam Scores: Average marks of students
(Arithmetic 10+15+20+25+30 100
= 5 = 20 in a test.
5
Mean - AM)
(Sum of values divided by
number of values)
Median If odd Find the median of 10, 15, 20, 25, 30. Income Analysis: Finding the middle
𝑁+1 Since N=5 (odd), median = 3rd value = salary in a company.
𝑴 =
2 20.
If even
𝑚𝑖𝑑𝑑𝑙𝑒 𝑡𝑤𝑜 𝑣𝑎𝑙𝑢𝑒 𝑠𝑢𝑚
𝑴 =
2
Mode Mode = most frequently Find the mode of 10, 15, 15, 20, 25. Shoe Sales: Most popular shoe size in a
occurring value Mode = 15 (since it appears twice). store.
Standard Find SD for 10, 15, 20, 25, 30. Stock Market: How much stock prices
Deviation (SD) ∑(𝑋 − 𝑋̅)2 Mean = 20 fluctuate from the average price.
𝛔 =√
𝑁 ∑(𝑋 − 20)2 = 100
100
SD = √ = 4.47
5
Variance 𝟐
∑(𝑋 − 𝑋̅)2 From above SD, Cricket Performance: Variance in runs
𝛔 = Variance = (4.47) =20 scored across matches.
𝑁
(SD squared)
Geometric 𝑮𝑴 = √𝑋1 , 𝑋2 , 𝑋3 , . . . . . 𝑋𝑁 Find GM of 2, 4, 8. Investment Returns: Used for
Mean (GM) 3 3
GM= √2x4x8 = √64 = 4 percentage-based growth calculations.
Harmonic Mean N Find HM of 2, 4, 8. Average Speed Calculation: If a car
𝐇𝐌 = 3 3
(HM) 1 HM= 1 1 1 = 0.875 =3.43 travels 60 km at 40 km/h and 60 km at 60
∑ (X) + +
2 4 8 km/h, HM gives the correct average
speed.
Empirical Mode = 3(Median) - 2(Mean) If Mean = 20, Median = 22, find Mode. Predicting Student Marks: Estimating the
Formula Mode = 3(22) - 2(20) = 26 most common test score.
BASIC STATISTICS
Weighted Mean 𝑾𝑴 =
∑𝑊𝑋 Find the weighted mean of 50 (weight GPA Calculation: Different subjects have
∑𝑊 3), 70 (weight 2), 80 (weight 5). different credit points, so weighted mean is
(50x3) + (70x2) + (80x5) used.
𝑾𝑴 =
3+2+5
150 + 140 + 400
= 69
10