<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:
- Arrange the data in order.
- If the dataset has an odd number of values, the median is the middle value.
- 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.