Real World Examples

Mean

Healthcare

Doctors often use the mean blood pressure level from a group of patients to analyze overall cardiovascular health in a specific population. If the mean is too high, it could indicate a widespread issue that needs addressing.

Finance

Investment analysts calculate the mean return of a portfolio over a certain period to evaluate its performance. A higher mean return typically signifies a better investment.

Education

Teachers calculate the mean score of a class on a test to gauge the overall performance. A low mean score may indicate that the test was too difficult or that the material wasn't well understood.

Retail

Businesses often look at the mean sales for specific periods (daily, weekly, monthly) to assess the health of the business and to forecast future sales.

Transportation

Airlines and rail services may calculate the mean travel time between destinations over a period to assess efficiency and make improvements.