Median
Candlefocus EditorThe median is a statistic that describes the middle of a set of numbers. It is calculated by taking the sum of all the numbers in the set, dividing it by the total number of numbers in the set, and then identifying the number located in the exact middle. It is important to note that the median needs to be calculated from a set of numbers that has already been sorted in numerical order.
The median is often used as a measurement of central tendency, which is the typical value of a variable. While the mean averages all numbers in a set, the median takes into consideration the middle value of a sorted set. If there is an odd amount of numbers in a data set, the median is the number that is exactly in the middle. If there is an even amount of numbers, the median is determined by finding the middle two numbers, adding them together and dividing the sum by two.
When it comes to outliers, or extreme values within the data set, the median can be used instead of the mean or mode. This is because the average or mode can be distorted if there are outliers in the set of numbers. The median still provides an excellent representation of the central tendency, as it is not as strongly affected by extreme values.
It is important to note that the median is equal to the mean and mode in a normal distribution. While the median is a very useful figure in terms of central tendency, it is not always the most effective form I providing an understanding of the data. The median can be distorted by extreme values, while the mean and mode are not impacted. It is always important to consider the whole distribution of data in determining the appropriate measure of central tendency.