Measures of Central Location

The Median

Learning Outcomes

Understand and calculate medians both by hand and in Excel.

  • The value of the middle number
  • Or the mean of the two middle numbers when there are an even number of data
  • To calculate: order the numbers from smallest to largest then find the middle number or average of two middle numbers (for even sized data sets)

Finding the median For an Odd numbers of Data (ExerCise)

Knowledge Check 2.1 – Finding the Median

Step 1:

Step 2:

Conclusion: The median value of the data set is 23.

Finding the median for AN EVEN number of Data

Example 2.2

Find the median of the following numbers: 25, 19, 24, 23, 28, 21

Step 1: Order the data: 19, 21, 23, 24, 25, 28

Step 2: Find the middle values: 19, 21, 23, 24, 25, 28

Step 3: Average the middle values: (23 + 24)/ 2 = 23.5

Conclusion: The middle value (median) for the above data set is 23.5.

Finding the median using Excel (VIDEO)

Example 2.3.1

Find the median using Excel.

Comparing the Mean and Median (VIDEO)

Example 2.3.2

 

Key Takeaways (Exercise)

Key Takeaways: The Median

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An Introduction to Business Statistics for Analytics (1st Edition) Copyright © 2024 by Amy Goldlist; Charles Chan; Leslie Major; Michael Johnson is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License, except where otherwise noted.

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