What is Mean and it's importance?
In Statistics, the most commonly used measure of central tendency is the Mean. The word 'mean' is the statistical term used for the 'average'. The mean can be used to represent the typical value and therefore serves as a yardstick for all observations. For example, if we would like to know how many hours on average an employee spends at training in a year, we can find the mean training hours of a group of employees. One of the main importance of the mean from the other measures of central tendencies is that, mean takes into consideration all the elements in the given data. It calculates the average value of the set of data. It cannot be an accurate measurement for skewed distribution. If the mean is equal to the median, then the distribution is normal.
How to Calculate Mean of Data given Coefficient of Variation Percentage?
Mean of Data given Coefficient of Variation Percentage calculator uses Mean of Data = (Standard Deviation of Data/Coefficient of Variation Percentage)*100 to calculate the Mean of Data, Mean of Data given Coefficient of Variation Percentage formula is defined as the average of the individual values in the given statistical data, and calculated using the coefficient of variation percentage of the data. Mean of Data is denoted by μ symbol.
How to calculate Mean of Data given Coefficient of Variation Percentage using this online calculator? To use this online calculator for Mean of Data given Coefficient of Variation Percentage, enter Standard Deviation of Data (σ) & Coefficient of Variation Percentage (CV_{%}) and hit the calculate button. Here is how the Mean of Data given Coefficient of Variation Percentage calculation can be explained with given input values -> 10 = (4/40)*100.