Median is a statistical measure that refers to the middle value in a set of numbers. It is used to determine the central tendency of a dataset, and is often used to compare different sets of data or to identify trends within a dataset.
For example, consider a group of 10 students who take a math test. The scores on the test are: 75, 80, 85, 90, 95, 100, 105, 110, 115, 120. To find the median score, we must first arrange the scores in numerical order: 75, 80, 85, 90, 95, 100, 105, 110, 115, 120. The middle value in this set is 100, so the median score is 100.
In this example, the median score is a better representation of the central tendency of the scores than the average, or mean, score. This is because the mean is easily influenced by extreme values, such as the highest and lowest scores in the set. In this case, the mean score would be 100.5, which is higher than the median score and does not accurately reflect the scores of the majority of the students.
Another example of using the median is in real estate. If a neighborhood has 10 houses that are sold, with the sale prices being: $200,000, $225,000, $250,000, $275,000, $300,000, $325,000, $350,000, $375,000, $400,000, $425,000. The median sale price would be $300,000, as it is the middle value in the set of sale prices. This is a more accurate representation of the typical sale price in the neighborhood, as it is not influenced by extreme values such as the highest and lowest sale prices.
In conclusion, the median is a statistical measure that is used to determine the central tendency of a dataset. It is a useful tool for comparing different sets of data and identifying trends within a dataset. It is often a better representation of the central tendency of a dataset than the average, or mean, as it is not influenced by extreme values.