Average (Central Tendency)
In the words of Croxton and Cowden, “An average value is a single value within the range of the data that is used to represent all the values in the series.”
The value of average lies between the maximum and minimum values of the series. That is why it is also called measure of central tendency.
Properties of a Good Average
The following are the important properties which a good average should satisfy:
1. It should be easy to understand.
2. It should be simple to compute.
3. It should be based on all the items.
4. It should not be affected by extreme values.
5. It should be rigidly defined.
6. It should be capable of further algebraic treatment.