Population Mean

Population mean is the average value of a complete set of data from a given population. The population mean, denoted by the Greek letter μ, is calculated by adding all the values x_i in the population and then dividing by the total number of values N in the population. The formula can be written as follows using summation notation.

Since it is not always possible to collect data from every member of a population, a sample mean is used to estimate the population mean. A larger sample size typically leads to a more accurate estimate.