Assigning finite values to infinite series

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From my limited exposure to the study of series in the context of elementary analysis books I've gathered that when a series diverges we kick it to the curb. Allegedly Euler and Ramanujan (and presumably other big names) have looked into assigning some sort of finite value to divergent series. Is this something that is standard practise within the more advanced mathematical community and if it is what information do these assigned values yield about the nature of a given divergent series?