MEDIAN IN MEASURES OF CENTRAL TENDENCY
The median is a statistical measure that identifies the middle value in a data set when the numbers are arranged in numerical order. It effectively divides the data set into two equal halves, with half of the values lying below the median and half above it.
- Odd Number of Observations: If a data set contains an odd number of values, the median is the value that lies exactly in the middle of the sorted data set.
- Even Number of Observations: If a data set contains an even number of values, the median is the average of the two middle values in the sorted data set.
There are three type of Series I which Median can be calculated like Individual Series , Discrete Series & Continuous Series.
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Median in individual series
In statistics, an individual series refers to a data set where values are listed individually without any frequency distribution.
Median in discrete series
In a discrete series, data are presented along with their corresponding frequencies. To calculate the median in a discrete series, the data set is first arranged in ascending order, and then cumulative frequencies are calculated to determine the median class.
Median in Continuous series
In continuous series, data is grouped into class intervals with their corresponding frequencies. Calculating the median in a continuous series involves identifying the median class and then applying a formula to find the precise median value.
Median in Different Contexts
- Descriptive Statistics: The median is commonly used to summarize the central tendency of a data set.
- Economics: Median income is often reported to understand the income distribution of a population without the distortion caused by very high incomes.
- Real Estate: Median home prices give a better sense of typical property values compared to average prices, which can be skewed by very expensive homes.
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