Definition of Median

Median: The median is the middle value in a data set when it is sorted in ascending order. If there is an odd number of data points, the median is the middle value. If there is an even number of data points, the median is the average of the two middle values.

How is the Median used?

The Median is a measure of central tendency that is typically used in order to describe the middle value of a data set. It is calculated by taking the middle value of the sorted data set, meaning that it effectively divides the dataset into two halves with an equal number of values on either side. This measure can be used to estimate average values when there are extreme outliers in the data or when dealing with variables which do not follow a normal distribution. The median provides a better representation of the ‘middle’ value than the mean does because it is not as heavily impacted by outliers, meaning that it gives an improved indication about what ‘typical’ values may look like for a given population. When compared to other measures of central tendency such as Mode and Mean, the Median has its advantages and disadvantages; while it is more robust to outliers than a mean calculation, it does not take into account any information about the distribution of values above or below the median. Additionally, due to its reliance on sorting data in order to calculate, large datasets can cause performance issues if they are computationally expensive to sort. Despite these drawbacks, however, the Median remains one of the most popular measures of central tendency due to its relative simplicity and robustness against outliers.

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