What is the average described as?

The concept of the average, often referred to as the mean, is defined as the total sum of all the values in a set divided by the number of values in that set. This calculation provides a central value that represents the data point where the distribution of values balances out. For example, when you have a group of numbers, you add them all together to get a sum, and then you divide that sum by how many numbers there are. This method gives a single value that summarizes the entire dataset, making it an essential statistical measure in various fields, including funeral service merchandising, where understanding average costs, sales, or pricing can help in decision-making and financial planning.

In contrast, the median is the middle value in a dataset, the highest value represents the maximum, and a range of values refers to the difference between the highest and lowest values. These concepts are related but serve different purposes in statistical analyses.