Median

Posted in Statistics, Total Reads: 1072
Advertisements

Definition: Median

Median refers to the middle number separating the lower half of the set of numbers from the greater half of the set of the numbers in a sorted list of all the data points.


It gives a better picture about the data set compared t the mean in the presence of some outliers, which may increase or decrease the mean to a huge extent.

 

To calculate the median of a set of numbers, the following steps are followed:

a)      The numbers are arranged in ascending order

b)      If the no. of data points is odd, then median is the middle number. ((n-1)/2 th observation)

c)       If the no. of data points is odd, the median is the average of the two middle nos.

(avg of n/2 and (n-1)/2 th observation)

 

Example:

 

Median for even no. of observations

Suppose the data set is

14, 11,16,8,6,3,22,28

No. of observations= 8

 

Step 1: Arrange in ascending order

3,6,8,11,14,16,22,28

 

Step 2:

The middle nos. are 11 and 14

Median= (11+14)/2= 12.5

 

Median for odd no. of observations

Suppose the data set is

14, 11, 16, 8, 6, 3, 22

No. of observations= 7

 

Step 1: Arrange in ascending order

3, 6, 8, 11, 14, 16, 22

 

Step 2:

The middle no. is 11

Median= 11


Hence, this concludes the definition of Median along with its overview.

Advertisements

Browse the definition and meaning of more terms similar to Median. The Management Dictionary covers over 7000 business concepts from 6 categories.

Search & Explore : Management Dictionary



Share this Page on: