You may know your way around the registers of that favorite microcontroller, but at some point you’ll also need to wield some ninja-level math skills to manage arrays of data on a small device. [Scott Daniels] has some help for you in this arena. He explains how to manage statistical calculations on your collected data without eating up all the RAM. The library which he made available is targeted for the Arduino. But the concepts, which he explains quite well, should be easy to port to your preferred hardware.
The situation he outlines in the beginning his post is data collected from a sensor, but acted upon by the collection device (as opposed to a data logger where you dump the saved numbers and use a computer for the heavy lifting). This can take the form of a touch sensor, which are known for having a lot of noise when looking at individual readings. But since [Scott] is using the Mean and Standard Deviation to keep running totals of collected data over time it is also very useful for applications like building your own home heating thermostat.