The median is a measure of central tendency that represents the middle value of a sorted data set.
Overview
Definition Of Median
Median In Statistics
Calculating The Median
Median Vs Mean Vs Mode
Applications Of The Median
Median In Different Data Sets
Real World Examples Of Median
Common Misconceptions About Median
Information
Statistics
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๐ข The median is the middle value in a data set when the numbers are arranged in order.
๐ The median can provide a better central tendency measure than the mean in skewed distributions.
๐ To find the median, you can use the formula: Median = (N+1)/2 for odd number of observations.
๐ For an even number of observations, the median is the average of the two middle numbers.
๐ The median is often used in socioeconomic data analyses to represent average income or property values.
โ๏ธ Unlike the mean, the median is not affected by outliers, making it a robust statistic.
๐ In a normal distribution, the median is equal to the mean.
๐ The median divides a data set into two equal halves.
๐๏ธ The median can be computed for ordinal data, making it versatile for different types of data.
โ๏ธ The calculation of the median is a simple process, requiring just basic ordering and arithmetic.
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