Median
Median is a statistical term used to describe the middle value of a set of numbers. It is used to measure the central tendency of a set of data. The median is the middle value when the data is arranged in order from least to greatest. It is also known as the 50th percentile, since it is the value at which 50% of the data is below it and 50% of the data is above it.
History of Median
The concept of median has been around since ancient times. The ancient Greeks used the median to measure the central tendency of a set of data. The term median was first used by the French mathematician Blaise Pascal in the 17th century. Since then, the median has been used in many different fields, including economics, finance, and statistics.
Comparison Table
| Statistic | Mean | Median |
|---|---|---|
| Calculation | Sum of values divided by number of values | Middle value when data is arranged in order from least to greatest |
| Effect of Outliers | Affected by outliers | Not affected by outliers |
Summary
Median is a statistical term used to describe the middle value of a set of numbers. It is used to measure the central tendency of a set of data. The median is the middle value when the data is arranged in order from least to greatest. It is also known as the 50th percentile, since it is the value at which 50% of the data is below it and 50% of the data is above it. The median is not affected by outliers, unlike the mean. For more information about median, you can visit websites such as Investopedia, Khan Academy, and Stat Trek.
See Also
- Mean
- Mode
- Range
- Standard Deviation
- Variance
- Quartiles
- Interquartile Range
- Percentiles
- Outliers
- Skewness
