<h2>Median</h2>

The median is a statistical measure that represents the middle value in a dataset when it is arranged in ascending or descending order.

Calculation Methodology

To calculate the median:

  1. Arrange the data in order.
  2. If the dataset has an odd number of values, the median is the middle value.
  3. If the dataset has an even number of values, the median is the average of the two middle values.

Importance

The median is a useful measure for describing the central tendency of a dataset, especially when there are outliers or extreme values that can skew the mean.

Real-life Example

For example, consider a dataset of incomes in a population. If we calculate the median income, it gives us a better understanding of the typical income level compared to using the mean, which can be heavily influenced by a few extremely high or low incomes.

Advantages and Disadvantages

Advantages:

  • Less affected by extreme values or outliers than the mean.
  • Simple and easy to understand.

Disadvantages:

  • Does not reflect the distribution of values as accurately as other measures, such as the mode.
  • The calculation can become complex when dealing with a large dataset.
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