Here's a more formal definition:
Mean: The sum of all values in a dataset divided by the number of values in the dataset.
Formula:
```
Mean = (Sum of all values) / (Number of values)
```
Example:
Let's say you have the following set of numbers: 2, 5, 8, 10, 12
1. Sum of all values: 2 + 5 + 8 + 10 + 12 = 37
2. Number of values: 5
3. Mean: 37 / 5 = 7.4
Therefore, the mean of the set {2, 5, 8, 10, 12} is 7.4.
Types of Mean:
* Arithmetic Mean: The most common type of mean, calculated as described above.
* Geometric Mean: Used for data that grows exponentially.
* Harmonic Mean: Used for data that represents rates or ratios.
The mean is a useful statistic for understanding the overall trend or typical value of a dataset. However, it's important to remember that the mean can be influenced by outliers (extreme values) and may not always be the best representation of the data.