An Introduction to Statistical Methods: A Textbook for College Students, a Manual for Statisticians and Business Executives (Classic Reprint)

Master the practical side of statistics with a clear, hands-on guide to averages and their uses.

This edition guides readers through how the arithmetic mean is calculated, its strengths and limits, and how weighting and data quality affect the result. Learn when a simple average tells the truth and when it can mislead, with concrete examples you can apply in economics, business, and research.

The text explains the concept of center of gravity for data, distinguishes simple and weighted averages, and shows how to compute the mean from actual data. It also discusses the role of data quality, biases, and the limits of averages in describing distributions. Along the way, you’ll see how to interpret averages alongside other summaries to avoid overreliance on a single number.

• How the arithmetic mean is computed and what it represents in a data set
• What weighting does to the average and when it might distort interpretation
• Examples showing how exceptional values can change conclusions
• Guidance on using averages safely with other summary measures

Ideal for students and practitioners seeking a grounded, practical look at statistical methods and data interpretation.