They decide to compare customer base totals for the past six months to get an average of how many people are using their service. To begin this process, they must determine the sample mean. To better understand the process of finding a sample mean, consider the steps in terms of the following example.Ī phone provider company is interested in learning more about the statistical trends of its customer base. That’s a lot to take in all at once, but let’s go through it step by step. The proceeding xi within the parenthesis means “all x-values,” which would be the values for each piece of data you’re investigating.įinally, the equation asks you to divide by n, which stands for the total number of values that you are comparing. The Σ symbol is the mathematical way of saying, “add up the following numbers.” In the equation, x#772 represents the answer you’re looking for, which is the sample mean. The formula for solving the sample mean is x#772 =(Σxi) / nĪt first glance of this formula, you may already be ready to throw in the towel, but the complicated seeming language of the equation is actually fairly easy when broken down. Before attempting to solve for your organization’s sample mean, you must first consider the formula. Like any other standard statistical equation, you need to go through a specific formula and steps to arrive at the correct sample mean. Mathematics of any kind can be initially stressful to many people, but calculating a sample mean is one of the most straightforward calculations you’ll find in statistics. How To Calculate Gross Profit Percentage.
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