For Average we have terms and definitions in 12 topics. The topics are Auto Insurance, Cancer, Education, Gifted Education, Energy, Finance, HIV and AIDs, Logistics, Measurement, Ocean Marine, Robotics, Rugs and Science.

Average (Auto Insurance)

A policy condition requiring the amount of a claim payment to be reduced proportionately if the policyholder has not insured their property for the full amount of its value or replacement cost. For example if you have insured a £100,000 home for £50,000 and suffer a total loss, an insurer can apply the law of average and pay you just £25,000.

Average (Cancer)

An amount, standard, level or rate regarded as usual or ordinary. The average can be represented using the mean, median or mode.

Average (Education, Gifted Education)

See normal, statistics, mean, median and mode.

Average (Energy)

The simple arithmetic average for a population; that is, the sum of all the values in a population divided by the size of the population. Population means are estimated by computing the weighted sum of the sample values, then dividing by the sum of the sample weights.
Barrel: A unit of volume equal to 42 U.S. gallons. One barrel weights 306 pounds or 5.80 million Btu of crude oil. Barrel is abbreviated as bbl.

Average (Finance)

An arithmetic mean return of selected stocks intended to represent the behavior of the market or some component of it. One good example is the widely quoted Dow Jones Industrial Average, which adds the current prices of the 30 DJIA stocks, and divides the results by a predetermined number, the divisor.

Average (HIV and AIDs)

The result of adding several quantities together and dividing the total by the number of quantities. For example, the average of 10, 20, and 60 is 30 (10 + 20 + 60 = 90 divided by 3 is 30). Also called the mean. Compare MEDIAN.

Average (Logistics)

See insurance.

Average (Measurement)

A statistic that indicates the central tendency or most typical score of a group of scores. Most often average refers to the sum of a set of scores divided by the number of scores in the set.

Average (Ocean Marine)

Partial loss or damage due to perils insured.

Average (Robotics)

In math, if you have more than one number, you can find the average by adding up all the numbers and then dividing by how many numbers you have. For example, the average of 1, 3, and 8 is (1+3+8)/3 = 12/3 = 4.

Average (Rugs)

An average rug is a rug which may have undergone or may require some minor repairs such as a few warp strands that have been repaired or are in need of repair, or a few knots and fringes that have been replaced or are in need of replacement.

Average (Science)

Sum of a set of values divided by the total number of values

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