Complete Guide to the Median: Understanding, Calculating, and Applying It

Author(s): Niklas Lang

Originally published on Towards AI.

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The median plays a central role in statistics and data analysis, as it can be used as a measure of the central tendency of a data set. It is the value in the data set that forms the center and divides the numbers into two equally sized parts. Compared to the mean value, it is not susceptible to outliers and provides a reliable picture of the central situation even with unevenly distributed data. Due to this property, the ratio is used in various fields, such as medicine, social sciences or economics.

In this article, we explain all the details about the median and go into detail about the calculation of this key figure using various examples. We also compare it with other statistical indicators such as the mean or the mode and show which applications use it. A complete picture also includes explaining the advantages and disadvantages of this key measure in detail so that you can make an informed decision as to whether its use is justified. Finally, we look at how to calculate the ratio in Python or Excel.

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Published via Towards AI