Question: List out the merits and limitations of harmonic mean
ANS: List out the merits and limitations of harmonic mean
(i) its value is based on every item of the series.
(ii) It tends itself to algebraic manipulation.
(iii) In problems relating to time and rates it gives better results than other averages.
(i) it is not easily understood.
(ii) It is difficult to compute.
(iii) It gives largest weight to smallest items this is generally not a desirable feature and as such this average is not very useful for the analysis of economic data.
(iv) Its value cannot be computed when there are both positive and negative items in a series or when one or more items are zero.
(v) Because of these limitations the harmonic mean has little practical application and is not a good representation of a statistical series unless the phenomenon is such where small items need to be given a very high weight age.
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- Describe some of the mathematical properties of arithmetic mean
- List out the merits and limitations of harmonic mean
- List the types of arithmetic mean
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- List out the limitations of median.
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Wages (in $) 4100, 4150, 6080, 7120, 5200, 6160, 7400