average

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average,

number used to represent or characterize a group of numbers. The most common type of average is the arithmetic meanmean,
in statistics, a type of average. The arithmetic mean of a group of numbers is found by dividing their sum by the number of members in the group; e.g., the sum of the seven numbers 4, 5, 6, 9, 13, 14, and 19 is 70 so their mean is 70 divided by 7, or 10.
. See medianmedian.
1 In statistics, a type of average. In a group of numbers as many numbers of the group are larger than the median as are smaller. In the group 4, 5, 6, 9, 13, 14, 19, the median is 9, three numbers being larger and three smaller.
; modemode,
in statistics, an infrequently used type of average. In a group of numbers the mode is the number occurring most frequently. In the group 1, 4, 5, 5, 6, 6, 6, 6, 9, 9, the mode is 6 because it occurs four times and the others only once or twice.
.

average

see MEASURES OF CENTRAL TENDENCY.

Average

in maritime law. (1) General average—property damage caused intentionally to a ship or its cargo to avoid danger to both or to forestall losses (for instance, the jettison of cargo or of ship provisions to lighten the ship in trying to get off a sandbank). The USSR Trade Navigation Code defines general average as losses suffered as a consequence of intentional and reasonable emergency expenditures and sacrifices to save a ship or its cargo from danger. The losses incurred in the case of general average are distributed proportionally according to the value of the ship, freight, and heavy loads.

(2) Particular average—unintentional damage caused to a ship or its cargo or in connection with their movement; the losses in the case of particular average are borne by those who suffered them or by those who are responsible for having caused them.

In Soviet legislation questions relating to general and particular average are regulated by the USSR Trade Navigation Code. In international trade, relations arising out of general average are regulated by the York-Antwerp Rules (the 1950 edition). These rules are applied only according to an agreement between the parties included in their contract of affreightment.

[′av·rij]
(mathematics)

average

1. the result obtained by adding the numbers or quantities in a set and dividing the total by the number of members in the set
2. (of a continuously variable ratio, such as speed) the quotient of the differences between the initial and final values of the two quantities that make up the ratio
3. Maritime law
a. a loss incurred or damage suffered by a ship or its cargo at sea
b. the equitable apportionment of such loss among the interested parties
References in periodicals archive ?
Similarly, Business Week did a cover story on how the managers of stock portfolios hadn't beaten the market averages for three years in a row, with the majority doing much worse than the norm.
best known for its funds that mimic various market indexes, Fidelity bases its reputation on having money managers who can beat the market average.
To expect above-average returns in the aggregate equity market averages over the next 12 months one must make assumptions that probably cannot hold together," the policy statement said.
Azusa Liquor Market averages more than \$9,000 in Lottery sales per week and has total sales-to-date of more than \$1.
founded AAII in 1978 because he firmly believed that individual investors armed with effective investment education materials and a bit of dedication could outperform the popular market averages.
Based on initial reports, hedge funds significantly outperformed the major stock market averages in September.

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