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The mean, represented by the symbol x̄ (x-bar), is a measure of central tendency in statistics. It is calculated by summing all values in a data set and dividing by the total number of values. In Excel, you can use the AVERAGE function to compute the mean easily. Simply input the function followed by the range of cells containing your data. The x̄ symbol is useful in formulas and statistical reports to signify the mean value. Understanding how to calculate and utilize the mean helps in analyzing data and making informed decisions based on average trends.