Question

The concept of harmonic and geometric mean as quite useful in business,with the help of examples,show how relevant those two measures can improve business decision making

Answer 1

Two measures can improve business decision making

Explanation:

• Geometric mean is useful in averaging ratios and percentages and in determining rate of increase or decrease in profit of the business.
• Geometric mean is capable of algebraic manipulation and useful in application of business and decision making.
• Harmonic mean is useful for computing the average rate of increase of profits of a concern.
• Harmonic mean is used to find the average price at which the products can be sold to reach the profit of the business and is useful when data is given in the terms of rate.

To know more:

show how relevant those two measures can improve business decision making

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