![]() It is used for various purposes in business, finance, research, and everyday life, including: ![]() Mean (also called average or arithmetic mean) is a descriptive statistic that is a measure of central tendency. We’ll also look at some examples with numbers so that you can see how mean is used. In this article, we’ll talk about what the mean is used for in various applications. Of course, mean can be far above the median if the data set has one or more large outliers that skews the mean high or low. So, what is mean used for? Mean is a measure of central tendency that is used in business, finance, research, and everyday life for comparing companies, tracking population changes, performing medical research, advertising, selecting from a group of job candidates, making predictions, and calculating unit price. However, there are lots of other uses for the mean of a data set. Mean tells us the average of a data set, which can help us to understand the data and make predictions about the future.
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