Statistics
Median
The middle value in a dataset when the values are arranged in numerical order.
What is Median?
The median is a measure of central tendency that divides a distribution exactly in half; 50% of the observations fall below it, and 50% fall above. If there is an even number of observations, it is the average of the two middle values.
Why Median Matters
The median is highly robust to outliers and skewed data, making it a better representation of a 'typical' value for asymmetric distributions than the mean.
Example
When analyzing household income in a city containing a few billionaires, researchers use the median income because the mean would be artificially inflated by the extreme wealth of a few.
Common Mistakes
- Failing to sort the data before attempting to identify the middle value.
- Ignoring the mean entirely in favor of the median when both metrics together provide a clearer picture of the distribution's shape.