Tag: statistics
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Why mean, median, mode?
Recently while thinking about covariances I got to thinking about why we define an even simpler statistic, the mean, as we do. That’s what this post is about. Suppose we have a dataset $X$ consisting of $N$ numbers $x_1 \dots x_N$. Their mean, $\overline x,$ is of course $$ \overline{x} = {1 \over N} \sum_{i=1}^N…