The simple definition of a mean is that of a numeric quantity which represents the center of a collection of numbers. Here the trick lies in defining the exact type of numeric collection, as beyond ...

In the investment world, it’s common to discuss average rates of return. It’s not sufficient, however, to simply add up historical returns and divide by how many there are. The proper way to calculate ...

Scholars often consider the arithmetic mean as the only mean available. This gives rise to several mistakes. Thus, in a first course in statistics, it is necessary to introduce them to a more general ...