Let’s start with what the average means. In terms of descriptive statistics, the average is a certain reference (typical) value. It is a property of the data set that we are investigating. It belongs to the so-called measures of central tendency. If we have a large amount of data, we can describe the data with some measures of central tendency – this includes different types of means, median, mode, etc. In this article, we will focus on the mean and its types.

Types of Means (Average) and Excel Functions

6 basic types of means describe the data:

  • Arithmetic mean
  • Weighted arithmetic mean
  • Moving average
  • Geometric mean
  • Harmonic mean
  • Quadratic mean
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Jan Zedníček - Data & Finance

My name is Jan Zedníček and I work as a freelancer. I have been working as a freelancer for many companies for more than 10 years.
I used to work as a financial controller, analyst and manager at many different companies in field of banking and manufacturing. When I am not at work, I like playing volleyball, chess, doing a workout in the gym and I enjoy tasting of best quality rums.
I am trying to summarize all my knowledge on this website not to forget them and to put them forward to anyone.

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