what is meant by the term typical value in statistics
That is, \[ \bar{Y} = \sum_{i=1}^{N}Y_{i}/N \] The mean is that value that is most commonly referred to as the average. We will use the term average as a synonym for the mean and the term typical value to refer generically to measures of location. median - the median is the value of the point which has half the data smaller than that point and half the data larger than that point. That is, if X1, X2, ...